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20. SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2018
Shareholders Equity |
SHAREHOLDERS' EQUITY | 20.a) Paid-in capital Fully subscribed and paid-in capital as of December 31, 2018 and December 31, 2017 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’ Meetings. 20.b) Authorized capital The Company’s bylaws in effect as of December 31, 2018 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors. 20.c) Legal reserve 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. 20.d) Ownership structure As of December 31, 2018, the Company’s ownership structure was as follows:
|  |  |  |  |  | 12/31/2018 |  |  |  |  |  | 12/31/2017
|  | Number of common shares |  | % of total shares |  | % of voting capital |  | Number of common shares |  | % of total shares |  | % of voting capital
Vicunha Aços S.A. (*) |  | 679,522,254 |  | 48.97% |  | 49.24% |  | 682,855,454 |  | 49.21% |  | 50.32%
Rio Iaco Participações S.A. (*) |  | 58,193,503 |  | 4.19% |  | 4.22% |  | 58,193,503 |  | 4.19% |  | 4.29%
NYSE (ADRs) |  | 284,152,319 |  | 20.48% |  | 20.59% |  | 303,590,364 |  | 21.88% |  | 22.37%
Other shareholders |  | 358,246,471 |  | 25.82% |  | 25.95% |  | 312,493,726 |  | 22.52% |  | 23.02%
Total shares outstanding |  | 1,380,114,547 |  | 99.47% |  | 100.00% |  | 1,357,133,047 |  | 97.81% |  | 100.00%
Treasury shares |  | 7,409,500 |  | 0.53% |  |  |  | 30,391,000 |  | 2.19% |  |
Total shares |  | 1,387,524,047 |  | 100.00% |  |  |  | 1,387,524,047 |  | 100.00% |  |
(*) Controlling group companies. 20.e) Treasury shares 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:
Program |  | Board’s Authorization |  | Authorized quantity |  | Program period |  | Average buyback price |  | Minimum and maximum buyback price |  | Number bought back |  | Share cancelation |  | Disposal of shares |  | Balance in treasury
1º |  | 3/13/2014 |  | 70,205,661 |  | From 3/14/2014 to 4/14/2014 |  | R$ 9.34 |  | R$ 9,22 and R$ 9,45 |  | 2,350,000 |  |  |  |  |  | 2,350,000
2º |  | 4/15/2014 |  | 67,855,661 |  | From 4/16/2014 to 5/23/2014 |  | R$ 8.97 |  | R$ 8,70 and R$ 9,48 |  | 9,529,500 |  |  |  |  |  | 11,879,500
3º |  | 5/23/2014 |  | 58,326,161 |  | From 5/26/2014 to 6/25/2014 |  | R$ 9.21 |  | R$ 8,61 and R$ 9,72 |  | 31,544,500 |  |  |  |  |  | 43,424,000
4º |  | 6/26/2014 |  | 26,781,661 |  | From 6/26/2014 to 7/17/2014 |  | R$ 10.42 |  | R$ 9,33 and R$ 11,54 |  | 26,781,661 |  |  |  |  |  | 70,205,661
|  | 7/18/2014 |  |  |  |  |  | Not applicable |  | Not applicable |  |  |  | 60,000,000 | (1) |  |  | 10,205,661
5º |  | 7/18/2014 |  | 64,205,661 |  | From 7/18/2014 to 8/18/2014 |  | R$ 11.40 |  | R$ 11.40 |  | 240,400 |  |  |  |  |  | 10,446,061
|  | 8/18/2014 |  |  |  |  |  | Not applicable |  | Not applicable |  |  |  | 10,446,061 | (1) |  |  |
6º |  | 8/18/2014 |  | 63,161,055 |  | From 8/19/2014 to 9/25/2014 |  | R$ 9.82 |  | R$ 9,47 and R$ 10,07 |  | 6,791,300 |  |  |  |  |  | 6,791,300
7º |  | 9/29/2014 |  | 56,369,755 |  | From 9/29/2014 to 2/29/2014 |  | R$ 7.49 |  | R$ 4,48 and R$ 9,16 |  | 21,758,600 |  |  |  |  |  | 28,549,900
8º |  | 12/30/2014 |  | 34,611,155 |  | From 12/31/2014 to 3/31/2015 |  | R$ 5.10 |  | R$ 4,90 and R$ 5,39 |  | 1,841,100 |  |  |  |  |  | 30,391,000
9º (*) |  | 03/31/2015 |  | 32,770,055 |  | From 4/01/2015 to 6/30/2015 |  |  |  |  |  |  |  |  |  |  |  | 30,391,000
|  | 04/20/2018 |  | 30,391,000 |  | From 4/20/2018 to 4/30/2018 |  | Não aplicável |  | Não aplicável |  | R$ 0.00 |  | R$ 0.00 |  | 22,981,500 | (2) | 7,409,500
(*) There were no share buyback in this program.
| (1) | In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company’s share capital.
| (2) | In April 2018, the Board of Directors authorized the sale of up to 30,391,000 common shares held in treasury. Until the end of the program, 22,981,500 shares were sold for R$213,494. The Company. The Company recognized a profit on the sale of the shares in the amount of the amount of R$32,670.
As of December 31, 2018, the position of the treasury shares was as follows:
Quantity purchased (Units) |  | Amount paid for the shares |  | Share price |  | Market value of shares in 12/31/2018 (*)
|  | Minimum |  | Maximum |  | Average |  |
7,409,500 |  | R$ 58,264 |  | R$ 4.48 |  | R$ 10.07 |  | R$ 7.86 |  | R$ 65,500
(*) Using the last share average quotation on B3 S.A. - Brasil, Bolsa, Balcão as of September 30, 2018 of R$ 8.84 per share. 20.f) Policy on investments and payment of interest on capital and dividends The Company adopts 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’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. 20.g) Earnings/(loss) per share: 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:
| 12/31/2018 |  | 12/31/2017 |  | 12/31/2016
| Common Shares
(Loss) profit for the year |
Continued operations | 5,074,136 |  | 10,272 |  | (925,186)
Discontinued operations | - |  | - |  | (9,561)
| 5,074,136 |  | 10,272 |  | (934,747)
Weighted average number of shares | 1,373,250,595 |  | 1,357,133,047 |  | 1,357,133,047
Basic and diluted EPS |  |  |  |  |
Continued Operations | 3.69498 |  | 0.00757 |  | (0.68172)
Discontinued Operations | - |  | - |  | (0.00704)
| 3.69498 |  | 0.00757 |  | (0.68876)
The Company does not hold potential dilutable outstanding ordinary shares that could result in dilution of earnings per share.

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