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10. BASIS OF CONSOLIDATION AND INVESTMENTS IN SUBSIDIARIES AND AFFILIATES (Tables) | 12 Months Ended
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Dec. 31, 2020
Basis Of Consolidation And Investments In Subsidiaries And Affiliates |
Schedule of direct and indirect subsidiaries, joint ventures and joint operations | The consolidated financial statements for the years ended December 31, 2020 and 2019 include the following direct and indirect subsidiaries, joint ventures and joint operations, as well as the exclusive funds, as follows:
| Number of shares held by CSN in units | Equity interests (%) |  |  |  |
Companies |  | 12/31/2020 |  | 12/31/2019 |  | Core business
Direct interest in subsidiaries: full consolidation |  |  |  |  |  |
CSN Islands VII Corp. | 20,001,000 | 100.00 |  | 100.00 |  | Financial transactions
CSN Inova Ventures (1) | 50,000 | 100.00 |  | 100.00 |  | Financial transactions
CSN Islands XII Corp. | 1,540 | 100.00 |  | 100.00 |  | Financial transactions
CSN Steel S.L.U. | 22,042,688 | 100.00 |  | 100.00 |  | Equity interests and Financial transactions
TdBB S.A (*) | - | 100.00 |  | 100.00 |  | Equity interests
Sepetiba Tecon S.A. | 254,015,052 | 99.99 |  | 99.99 |  | Port services
Minérios NacionalS.A. | 141,719,295 | 99.99 |  | 99.99 |  | Mining and Equity interests
Companhia Florestal do Brasil | 66,354,391 | 99.99 |  | 99.99 |  | Reforestation
Estanho de Rondônia S.A. | 195,454,162 | 99.99 |  | 99.99 |  | Tin Mining
Companhia Metalúrgica Prada | 555,142,354 | 99.99 |  | 99.99 |  | Manufacture of containers and distribution of steel products
CSN Mineração S.A. | 158,419,480 | 87.52 |  | 87.52 |  | Mining
CSN Energia S.A. | 43,149 | 99.99 |  | 99.99 |  | Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A. | 486,592,830 | 92.38 |  | 92.38 |  | Railroad logistics
Nordeste Logística S.A. | 99,999 | 99.99 |  | 99.99 |  | Port services
CSN Inova Ltd. | - | 100.00 |  | 100.00 |  | Advisory and implementation of new development projec
CSN Equipamentos S.A (2) | - | - |  | 99.99 |  | Rental of commercial and industrial machinery and equipment
CBSI - Companhia Brasileira de Serviços de Infraestrutura | 4,669,986 | 99.99 |  | 100.00 |  | Equity interests and product sales and iron ore
CSN Cimentos S.A.(3) | 90 | 90.00 |  | - |  | Manufacturing and sale of cement
Indirect interest in subsidiaries: full consolidation |  |  |  |  |  |
Lusosider Projectos Siderúrgicos S.A. |  | 100.00 |  | 100.00 |  | Equity interests and product sales
Lusosider Aços Planos, S. A. |  | 99.99 |  | 99.99 |  | Steel and Equity interests
CSN Resources S.A. |  | 100.00 |  | 100.00 |  | Financial transactions and Equity interests
Companhia Brasileira de Latas |  | 99.99 |  | 99.99 |  | Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA |  | 99.67 |  | 99.67 |  | Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM |  | 99.67 |  | 99.67 |  | Production and sale of cans and related activities
CSN Steel Holdings 1, S.L.U. |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
CSN Productos Siderúrgicos S.L. |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH |  | 100.00 |  | 100.00 |  | Production and sale of long steel and related activities
CSN Steel Sections UK Limited (4) |  |  |  | 100.00 |  | Sale of long steel
CSN Steel Sections Polska Sp.Z.o.o |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L |  | 87.52 |  | 87.52 |  | Financial transactions, product sales and Equity interests
CSN Mining GmbH |  | 87.52 |  | 87.52 |  | Financial transactions, product sales and Equity interests
CSN Mining Asia Limited |  | 87.52 |  | 87.52 |  | Commercial representation
Lusosider Ibérica S.A. |  | 100.00 |  | 100.00 |  | Steel, commercial and industrial activities and equity interests
CSN Mining Portugal, Unipessoal Lda. |  | 87.52 |  | 87.52 |  | Commercial and representation of products
Companhia Siderúrgica Nacional, LLC |  | 100.00 |  | 100.00 |  | Import and distribution/resale of products
CSN Cimentos S.A.(3) | 10 | 10.00 |  |  |  | Manufacturing and sale of cement
Direct interest in joint operations: proportionate consolidation |  |  |  |  |  |
Itá Energética S.A. | 253,606,846 | 48.75 |  | 48.75 |  | Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava |  | 17.92 |  | 17.92 |  | Electric power consortium
Direct interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. (5) | 63,377,198 | 18.64 |  | 18.64 |  | Railroad transportation
Aceros Del Orinoco S.A. |  | 31.82 |  | 31.82 |  | Dormant company
Transnordestina Logística S.A. (6) | 24,670,093 | 47.26 |  | 47.26 |  | Railroad logistics
Equimac S.A (2) | 1,117 | 50.00 |  | - |  | Rental of commercial and industrial machinery and equipment
Indirect interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. (5) |  | 16.30 |  | 16.30 |  | Railroad transportation
Direct interest in associates: equity method |  |  |  |  |  |
Arvedi Metalfer do Brasil S.A. | 49,074,882 | 20.00 |  | 20.00 |  | Metallurgy and Equity interests
Exclusive funds: full consolidation |  |  |  |  |  |
Diplic II- Fundo de investimento multimercado crédito privado |  | 100.00 |  | 100.00 |  | Investment fund
Caixa Vértice - Fundo de investimento multimercado crédito privado | 100.00 |  | 100.00 |  | Investment fund
VR1 - Fundo de investimento multimercado crédito privado |  | 100.00 |  | 100.00 |  | Investment fund
(*) Dormant companies.
| 1. | On June 29, 2020, CSN Islands XI Corp. changed its corporate name to CSN Inova Ventures.
| 2. | On June 26, 2020, CSN Equipamentos SA had its corporate name changed to Equimac SA and its capital increased by Unidas Guindastes Eireli. With this capital increase, CSN’s stake in Equimac’s share capital increased to 50% and was classified as joint venture.
| 3. | Company acquired on October 2, 2020.
| 4. | Company liquidated on March 11, 2020.
| 5. | As of December 31, 2020, the Company directly held 63,377,198 shares, of which 26,611,282 were common and 36,765,916 were preferred, and indirectly 63,338,872 shares, of which 25,802,872 were common and 37,536,000 were preferred
| 6. | As of December 31, 2020, the Company had 24,168,304 common shares and 501,789 Class B preferred shares.
Schedule of direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments | The number of shares, the balances of assets and liabilities, shareholders’ equity and the profit / (loss) amounts for the period in those investees are as follows:
|  |  |  |  |  |  |  | 12/31/2020 |  |  |  |  |  |  |  | 12/31/2019
Companies |  | Participation in |  |  |  |  | Participation in
| Assets |  | Liabilities |  | Shareholders’ equity |  | Profit /(Loss) for the period |  | Assets |  | Liabilities |  | Shareholders’ equity |  | Profit /(Loss) for the period
Joint-venture and Joint-operation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRS Logística S.A. |  | 4,175,249 |  | 2,567,882 |  | 1,607,367 |  | 160,371 |  | 4,145,205 |  | 2,616,218 |  | 1,528,987 |  | 187,597
Fair Value - MRS Logística S.A. |  |  |  |  |  | 421,888 |  | (11,747) |  |  |  |  |  | 433,635 |  | (11,747)
CSBI - Companhia Brasileira de Serviços de Infraestrutura | - |  |  |  |  |  |  |  | - |  | - |  |  |  | 6,665
Transnordestina Logística S.A. (*) |  | 4,657,691 |  | 3,497,587 |  | 1,160,104 |  | (28,952) |  | 4,398,434 |  | 3,209,378 |  | 1,189,056 |  | (17,100)
Fair Value (*) - Transnordestina |  | - |  |  |  | 271,116 |  |  |  | - |  | - |  | 271,116 |  | -
Equimac S.A |  | 7,536 |  | 301 |  | 7,235 |  | (329) |  | - |  | - |  | - |  | -
|  | 8,840,476 |  | 6,065,770 |  | 3,467,710 |  | 119,343 |  | 8,543,639 |  | 5,825,596 |  | 3,422,794 |  | 165,415
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arvedi Metalfer do Brasil S.A. |  | 40,528 |  | 32,490 |  | 8,038 |  | (6,765) |  | 44,435 |  | 31,712 |  | 12,723 |  | (1,682)
|  | 40,528 |  | 32,490 |  | 8,038 |  | (6,765) |  | 44,435 |  | 31,712 |  | 12,723 |  | (1,682)
Classified at fair value through profit or loss (note 12 I) |  |  |  |  |  |  |  |
Panatlântica |  |  |  |  |  | 59,879 |  |  |  |  |  |  |  | 47,300 |  |
|  |  |  |  |  | 59,879 |  |  |  |  |  |  |  | 47,300 |  |
Eliminations |  |  |  |  |  |  |  | (30,856) |  |  |  |  |  |  |  | (38,219)
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  |  |  |  |  | 279 |  | (9,967) |  |  |  |  |  | 157 |  | 171
|  |  |  |  |  | 279 |  | (9,967) |  |  |  |  |  | 157 |  | 171
Total investments in affillated companies |  |  |  |  | 3,535,906 |  |  |  |  |  |  |  | 3,484,974 |  |
Total Equity in results of affillated companies |  |  |  | 71,755 |  |  |  |  |  |  |  | 125,715
Investments properties |  |  |  |  |  | 159,874 |  |  |  |  |  |  |  | 101,195 |  |
Total investments |  |  |  |  |  | 3,695,780 |  |  |  |  |  |  |  | 3,584,169 |  |
(*) As of December 31, 2020 and December 31, 2019, the net balance of R$271,116 refers to the Fair Value generated by the loss of control of Transnordestina Logística SA in the amount of R$659,105 and impairment of R$387,989
Schedule of changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments |
10.b) | Changes in investments in subsidiaries, jointly controlled companies, joint operations, associates and other investments
|  |  | Consolidated
| 12/31/2020 |  | 12/31/2019
Opening balance of investments | 3,482,974 |  | 5,630,613
Capital increase/acquisition of shares | 3,400 |  | 27,909
Dividends (1) | (82,642) |  | (94,603)
Comprehensive income (2) | 6,895 |  | (2,592)
Equity in results of affiliated companies(3) | 124,324 |  | 175,524
Update of shares measured at fair value through profit or loss (Note 14 II) | 12,579 |  | (118,780)
Reclassification of Usiminas’ shares |  |  | (2,114,620)
Consolidation of CBSI |  |  | (8,775)
Amortization of fair value - investment MRS | (11,747) |  | (11,747)
Others | 123 |  | 45
Closing balance of investments | 3,535,906 |  | 3,482,974
| 1. | In 2020, it mainly refers to dividends of the subsidiary CSN Mineração SA in the amount of R$2,437,482 (R$4,060,816 on December 31, 2019).
| 2. | Refers to translation to the reporting currency of the foreign investments of which functional currency is not the Brazilian Reais, actuarial gain/loss and gain/loss on investment hedge from investments accounted for under the equity method.
| 3. | The table below shows the reconciliation of the equity in results of affiliated companies classified as joint venture and associates and the amount disclosed in the income statement and it is due to the elimination of the results of the CSN´s transactions with these companies.
Schedule of equity in results |
|  |  | Consolidated
| 12/31/2020 |  | 12/31/2019
Equity in results of affiliated companies |  |  |
MRS Logística S.A. | 160,370 |  | 187,597
CBSI - Companhia Brasileira de Serviços de Infraestrutura (1) |  |  | 6,695
Transnordestina Logística S.A. | (28,952) |  | (17,100)
Arvedi Metalfer do Brasil S.A. | (6,765) |  | (1,682)
Equimac S.A. | (329) |  |
Others |  |  | 14
| 124,324 |  | 175,524
Eliminations |  |  |
To cost of sales | (46,751) |  | (57,908)
To taxes | 15,895 |  | 19,689
Others |  |  |
Amortizated at fair value - Investment in MRS | (11,747) |  | (11,747)
Others | (9,966) |  | 157
Equity in results | 71,755 |  | 125,715
(1) | Refers to equity income until November 30, 2019, as of this date, the joint venture started to be controlled and consolidated, according to note 10 c.
Schedule of joint ventures and joint operations financial information | The balance sheet and income statement balances of the companies whose control is shared are shown below and refer to 100% of the companies’ results:
|  |  |  |  |  |  |  | 12/31/2020 |  |  |  |  |  | 12/31/2019
|  | Joint-Venture |  | Joint-Operation |  | Joint-Venture |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | MRS Logística |  | Transnordestina Logística |  | Itá Energética
| 34.94% |  | 47.26% |  | 50.00% |  | 48.75% |  | 34.94% |  | 47.26% |  | 48.75%
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,206,484 |  | 1,390 |  | 1,351 |  | 48,919 |  | 670,296 |  | 17,166 |  | 65,793
Advances to suppliers |  | 27,312 |  | 1,948 |  |  |  | 742 |  | 20,100 |  | 3,240 |  | 363
Other current assets |  | 823,204 |  | 51,793 |  | 2,356 |  | 89,521 |  | 1,326,281 |  | 59,405 |  | 15,955
Total current assets |  | 2,057,000 |  | 55,131 |  | 3,707 |  | 139,182 |  | 2,016,677 |  | 79,811 |  | 82,111
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | 608,878 |  | 225,492 |  | - |  | 20,807 |  | 789,562 |  | 258,391 |  | 24,361
Investments, PP&E and intangible assets |  | 8,537,009 |  | 9,574,588 |  | 11,365 |  | 390,672 |  | 8,316,033 |  | 8,968,447 |  | 426,403
Total non-current assets |  | 9,145,887 |  | 9,800,080 |  | 11,365 |  | 411,479 |  | 9,105,595 |  | 9,226,838 |  | 450,764
Total Assets |  | 11,202,887 |  | 9,855,211 |  | 15,072 |  | 550,661 |  | 11,122,272 |  | 9,306,649 |  | 532,875
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 828,439 |  | 241,029 |  |  |  |  |  | 653,784 |  | 103,877 |  |
Lease liabilities |  | 317,526 |  |  |  |  |  |  |  | 256,034 |  |  |  |
Other current liabilities |  | 1,117,975 |  | 125,794 |  | 602 |  | 19,721 |  | 1,561,684 |  | 171,821 |  | 16,793
Total current liabilities |  | 2,263,940 |  | 366,823 |  | 602 |  | 19,721 |  | 2,471,502 |  | 275,698 |  | 16,793
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 2,162,657 |  | 6,368,070 |  |  |  |  |  | 2,369,615 |  | 6,084,424 |  |
Lease liabilities |  | 1,674,594 |  |  |  |  |  |  |  | 1,650,758 |  |  |  |
Other non-current liabilities |  | 788,862 |  | 665,653 |  |  |  | 15,900 |  | 527,871 |  | 430,603 |  | 16,550
Total non-current liabilities |  | 4,626,113 |  | 7,033,723 |  |  |  | 15,900 |  | 4,548,244 |  | 6,515,027 |  | 16,550
Shareholders’ equity |  | 4,312,834 |  | 2,454,665 |  | 14,470 |  | 515,040 |  | 4,102,526 |  | 2,515,924 |  | 499,532
Total liabilities and shareholders’ equity |  | 11,202,887 |  | 9,855,211 |  | 15,072 |  | 550,661 |  | 11,122,272 |  | 9,306,649 |  | 532,875
|  |  |  |  |  |  |  | 01/01/2020 to 12/31/2020 |  | 01/01/2019 to 11/30/2019 |  |  |  |  |  | 01/01/2019 to 12/31/2019
|  | Joint-Venture |  | Joint-Operation |  |  |  | Joint-Venture |  |  |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | CBSI |  | MRS Logística |  | Transnordestina Logística |  | Itá Energética
| 34.94% |  | 47.26% |  | 50.00% |  | 48.75% |  | 50.00% |  | 34.94% |  | 46.30% |  | 48.75%
Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | 3,604,965 |  | 35 |  | 2,308 |  | 173,426 |  | 267,436 |  | 3,200,809 |  |  |  | 163,048
Cost of sales and services |  | (2,521,991) |  |  |  | (2,386) |  | (74,048) |  | (233,830) |  | (2,382,828) |  |  |  | (83,129)
Gross profit |  | 1,082,974 |  | 35 |  | (78) |  | 99,378 |  | 33,606 |  | 817,981 |  |  |  | 79,919
Operating (expenses) income |  | (105,267) |  | (42,108) |  | (576) |  | (67,885) |  | (12,328) |  | 207,840 |  | (18,077) |  | (62,660)
Financial income (expenses), net |  | (330,756) |  | (19,186) |  | (4) |  | (764) |  | (1,460) |  | (268,089) |  | (18,386) |  | 1,183
Income before income tax and social contribution |  | 646,951 |  | (61,259) |  | (658) |  | 30,729 |  | 19,818 |  | 757,732 |  | (36,463) |  | 18,442
Current and deferred income tax and social contribution | (216,649) |  |  |  | - |  | (10,391) |  | (6,428) |  | (254,378) |  |  |  | (6,147)
Profit / (loss) for the period |  | 430,302 |  | (61,259) |  | (658) |  | 20,338 |  | 13,390 |  | 503,354 |  | (36,463) |  | 12,295
Schedule of measurement of recoverable value | Measurement of recoverable value
Cash Flow Projection | By 2057
Gross margin | Estimated based on market study to capture cargo and operating costs according to market trend studies
Cost estimate | Study-based costs and market trends
Perpetuity growth rate | Growth rate was not considered as a result of the projection model until the end of the concession.
Discount rate | Range from 5.83% to 7.41% in real terms
Schedule of investment properties | The balance of investment properties as of December 31, 2020 is shown below:
|  |  |  |  |  | Consolidated
|  | Land |  | Buildings |  | Total
Balance at December 31, 2019 |  | 68,877 |  | 32,318 |  | 101,195
Cost |  | 68,877 |  | 53,816 |  | 122,693
Accumulated depreciation |  |  |  | (21,498) |  | (21,498)
Balance at December 31, 2019 |  | 68,877 |  | 32,318 |  | 101,195
Acquisitions |  | 28,733 |  | 32,864 |  | 61,597
Depreciation |  |  |  | (2,786) |  | (2,786)
Write-off |  |  |  | (132) |  | (132)
Balance at December 31, 2020 |  | 97,610 |  | 62,264 |  | 159,874
Cost |  | 97,610 |  | 86,548 |  | 184,158
Accumulated depreciation |  |  |  | (24,284) |  | (24,284)
Balance at December 31, 2020 |  | 97,610 |  | 62,264 |  | 159,874
Schedule of average estimated useful lives | The average estimated useful lives for the years are as follows (in years):
|  |  | Consolidated
| 12/31/2020 |  | 12/31/2019
Buildings | 27 |  | 21

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