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19 SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2019
Shareholders Equity [Abstract] |
SHAREHOLDERS' EQUITY | 19 SHAREHOLDERS' EQUITY 19.a) Paid-in capital Fully subscribed and paid-in capital as of December 31, 2019 and December 31, 2018 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. 19.b) Authorized capital The Company’s bylaws in effect as of December 31, 2019 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors. 19.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. 19.d) Ownership structure As of December 31, 2019, the Company’s ownership structure was as follows:
|  |  |  |  |  | 12/31/2019 |  |  |  |  |  | 12/31/2018
|  | 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% |  | 679,522,254 |  | 48.97% |  | 49.24%
Rio Iaco Participações S.A. (*) |  | 58,193,503 |  | 4.19% |  | 4.22% |  | 58,193,503 |  | 4.19% |  | 4.22%
NYSE (ADRs) |  | 262,206,103 |  | 18.90% |  | 19.00% |  | 284,152,319 |  | 20.48% |  | 20.59%
Other shareholders |  | 380,192,687 |  | 27.40% |  | 27.55% |  | 358,246,471 |  | 25.83% |  | 25.95%
Outstanding shares |  | 1,380,114,547 |  | 99.47% |  | 100.00% |  | 1,380,114,547 |  | 99.47% |  | 100.00%
Treasury shares |  | 7,409,500 |  | 0.53% |  |  |  | 7,409,500 |  | 0.53% |  |
Total shares |  | 1,387,524,047 |  | 100.00% |  |  |  | 1,387,524,047 |  | 100.00% |  |
(*) Controlling group companies. 19.e) Treasury shares On April 2018, the Board of Directors authorized the sale of up to 30,391,000 common shares held in treasury and until the end of the program, 22,981,500 shares were sold for R$213,494. The Company recognized a profit on the sale of the shares in the amount of R$32,690 directly in equity.
Program |  | Board’s Authorization |  | Authorized quantity |  | Program period |  | Average buyback price |  | Minimum and maximum buyback price |  | Number bought back |  | Share cancelation |  | Sale of shares |  | Balance in treasury
9º (*) |  | 03/31/2015 |  | 32,770,055 |  | From 4/01/2015 to 6/30/2015 |  |  |  |  |  |  |  |  |  |  |  | 30,391,000
|  | 04/20/2018 |  | 30,391,000 |  | From 4/20/2018 to 4/30/2018 |  | Not applicable |  | Not applicable |  |  |  |  |  | 22,981,500 |  | 7,409,500
(*) There was no share buyback in this program. As of December 31, 2019, the position of the treasury shares was as follows:
Quantity purchased (Units) |  | Amount paid for the shares |  | Share price |  | Market value of shares in 12/31/2019 (*)
|  | Minimum |  | Maximum |  | Average |  |
7,409,500 |  | R$ 58,264 |  | R$ 4.48 |  | R$ 10.07 |  | R$ 7.86 |  | R$ 104,548
(*) The average quotation as of December 31, 2019 in the amount R$ 14.11 per share was used. 19.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. 19.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:
| 12/31/2019 |  | 12/31/2018 |  | 12/31/2017
| Common Shares
(Loss) profit for the year | 1,789,067 |  | 5,074,136 |  | 10,272
Weighted average number of shares | 1,380,114,547 |  | 1,373,250,595 |  | 1,357,133,047
Basic and diluted EPS | 1,29632 |  | 3.69498 |  | 0.00757
The Company does not hold potential dilutable outstanding ordinary shares that could result in dilution of earnings per share.

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