XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.19.1

3. SALE OF FOREIGN SUBSIDIARY | 12 Months Ended
--- | ---
Dec. 31, 2018
Sale Of Foreign Subsidiary |
SALE OF FOREIGN SUBSIDIARY | During the second quarter of 2018, Companhia Siderúrgica Nacional ("CSN") announced to its shareholders and to the market, through a Material Fact, the sale by its wholly-owned subsidiary CSN Steel S.L.U., total interest in Heartland Steel Processing, LLC, new corporate name of Companhia Siderúrgica Nacional LLC ("LLC") to Steel Dynamics, Inc. ("SDI"), approved on the same date by the Board of Directors. The LLC is located in the United States with operations in stripping, cold rolling and galvanizing of flat steel. Still in the second quarter of 2018, after fulfilling all the precedent conditions foreseen in the purchase and sale agreement entered into with SDI, the Company concludes the transaction with the transfer of the equity interest and receipt of the base value of the transaction, adjusted in US$ 400 million, as shown below:
|  |  | 06/30/2018 |  |  | Change in working capital |  | In 2018 |
| U$$ |  | R$ |  |  | U$$ |  | R$ |  | R$ |
Receipt from disposal of the investment | 395,661 |  | 1,525,590 |  |  |  |  |  |  | 1,525,590 |
Deposit in Warranty | 2,000 |  | 7,712 |  |  |  |  |  |  | 7,712 |
Contractual expenses and fees (d) | 2,339 |  | 9,021 |  |  |  |  |  |  | 9,021 |
Basis price for alienation (a) | 400,000 |  | 1,542,323 |  |  |  |  |  |  | 1,542,323 |
Working Capital Receivable (b) (*) | 34,008 |  | 131,127 |  |  | 3,581 |  | 14,402 |  | 145,529 |
Shareholder's Equity da LLC (c) | 133,445 |  | 514,537 |  |  |  |  |  |  | 514,537 |
Net gain of alienation = (a+b-c-d) | 298,224 |  | 1,149,892 |  |  | 3,581 |  | 14,402 |  | 1,164,294 |
(*) The final value of the transaction was subject to post-closing adjustment of working capital, which was completed in September 2018. The working capital of LLC ascertained and received was US$37,589 equivalent to R$145,529. The sale of LLC generated a cumulative gain in the year of 1,164,294 (see note 24). The net investment, results and cash flows from the sale of the investment are summarized below: 3.a) Balance sheet
| LLC
| 06/30/2018
ASSETS |
Current Assets | 418,014
Cash and cash equivalents | 760
Trade Receivable | 114,266
Inventory | 299,373
Other current assets | 3,615
Non-current assets | 191,431
Other non-current assets | 205
Property, plant and equipment | 191,226
TOTAL ASSETS | 609,445
LIABILITIES |
Current Liabilities | 89,810
Borrowings and Financing | 5,446
Social and Labor obligations | 5,526
Trade payables | 76,400
Tax payables | 1,398
Other payables | 1,040
Non-current liabilities | 5,098
Borrowings and Financing | 5,098
Shareholders' equity (disposal) | 514,537
TOTAL LIABILITIES | 609,445
3.b) Statement of Income
| 06/30/2018 |  | 06/30/2017
Net Revenues | 997,061 |  | 472,409
Cost from sale of goods and rendering of services | (888,850) |  | (388,322)
Gross profit | 108,211 |  | 84,087
Selling expenses | (24,650) |  | (10,521)
General and administrative expenses | (15,649) |  | (9,531)
Other operating expenses, net | (844) |  | (358)
Profit before financial income (expenses) | 67,068 |  | 63,677
Financial income (expenses), net | (2,641) |  | (428)
Profit (loss) before taxes | 64,427 |  | 63,249
Income tax and Social Contribution | (1,730) |  | -
Profit (loss) for the period | 62,697 |  | 63,249
3.c) Statement of Cash Flows
| 06/30/2018 |  | 06/30/2017
Net cash provided by (used) by operating activities | 149,691 |  | (69,216)
Net cash provided by (used) by investing activities | (6,269) |  | (2,492)
Net cash provided by (used) by financing activities | (176,592) |  | (1,860)
Increase (decrease) in cash and cash equivalents for the period | (33,170) |  | (73,568)
Cash and equivalents at the beginning of the year | 33,930 |  | 112,428
Cash and equivalents at the end of the year | 760 |  | 38,860
Net revenue receipts from sale of subsidiary LLC
| In 2018
Net cash received from the sale of the asset | 1,525,590
Cash and cash equivalents transferred on the sale of the assets | (760)
Working capital received | 145,529
Net cash provided by the sale of assets | 1,670,359

X
- References No definition available. + Details
Name: | SID_DisclosureOfSaleOfForeignSubsidiaryExplanatory
Namespace Prefix: | SID_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | SID_SaleOfForeignSubsidiaryAbstract
Namespace Prefix: | SID_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration