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14. FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [abstract]

Schedule of financial instruments

• Classification of financial instruments

														Consolidated
Consolidated								12/31/2020						12/31/2019
		Notes		Fair value through profit or loss		Measured at amortized cost		Balances		Fair value through profit or loss		Measured at amortized cost		Balances
	Assets
Current
Cash and cash equivalents		4				9,944,586		9,944,586				1,088,955		1,088,955
Short-term investments		5		3,305,109		478,253		3,783,362		2,114,620		518,553		2,633,173
Trade receivables		6				2,867,352		2,867,352				2,047,931		2,047,931
Dividends and interest on equity		9				38,088		38,088				44,554		44,554
Derivative financial instruments		9								1,364				1,364
Trading securities		9		5,065				5,065		4,034				4,034
Total				3,310,174		13,328,279		16,638,453		2,120,018		3,699,993		5,820,011
Non-current
Investments		5				123,409		123,409				95,719		95,719
Other trade receivables		9				2,445		2,445				7,059		7,059
Eletrobrás compulsory loan		9				852,532		852,532				845,284		845,284
Receivables by indemnity		9				517,183		517,183
Loans - related parties		9				966,050		966,050				846,300		846,300
Investments		10		59,879				59,879		47,300				47,300
Derivative financial instruments		9								4,203				4,203
Total				59,879		2,461,619		2,521,498		51,503		1,794,362		1,845,865
Total Assets				3,370,053		15,789,898		19,159,951		2,171,521		5,494,355		7,665,876
Liabilities
Current
Borrowings and financing		13				4,155,483		4,155,483				5,152,234		5,152,234
Trade payables		17				4,819,539		4,819,539				3,012,654		3,012,654
Trade payables -  drawee risk		15				623,861		623,861				1,121,312		1,121,312
Dividends and interest on capital		15				946,133		946,133				13,252		13,252
Leases		16				93,626		93,626				35,040		35,040
Derivative financial instruments				8,722				8,722
Total				8,722		10,638,642		10,647,364				9,334,492		9,334,492
Non-current
Borrowings and financing		13				31,215,128		31,215,128				22,938,469		22,938,469
Trade payables		17				543,527		543,527
Derivative financial instruments				97,535				97,535
Leases		16				436,505		436,505				439,350		439,350
Total				97,535		32,195,160		32,292,695				23,377,819		23,377,819
Total Liabilities				106,257		42,833,802		42,940,059				32,712,311		32,712,311

Schedule of financial instruments at fair value through profit or loss

The table below shows the financial instruments recorded at fair value through profit or loss, classifying them according to the fair value hierarchy:

Consolidated						12/31/2020						12/31/2019
		Level 1		Level 2		Balances		Level 1		Level 2		Balances
Assets
Current
Financial assets at fair value through profit or loss
Financial investments		3,305,109				3,305,109		2,114,620				2,114,620
Derivative financial instruments										1,364		1,364
Trading securities		5,065				5,065		4,034				4,034
Non-current
Financial assets at fair value through profit or loss
Investments		59,879				59,879		47,300				47,300
Derivative financial instruments										4,203		4,203
Total Assets		3,370,053				3,370,053		2,165,954		5,567		2,171,521
Liabilities
Current
Financial liabilities at fair value through profit or loss
Derivative financial instruments				8,722		8,722
Non-current
Financial liabilities at fair value through profit or loss
Derivative financial instruments				97,535		97,535
Total Liabilities				106,257		106,257

Schedule of other Operating Income and Expenses

In accordance with the Company’s policy, the gains and losses arising from the variation in the share price are recorded directly in the income statement as financial result in the case of financial investments, or as other operating income and expenses in the case of long-term investments.

Class of shares		12/31/2020								12/31/2019								12/31/2020		12/31/2019
		Quantity		Equity interest (%)		Share price		Closing Balance		Quantity		Equity interest (%)		Share price		Closing Balance		Fair value adjustment recognized in profit or loss (note 27 and 28)
USIM3		107,156,651		15.19%		15.69		1,681,288		107,156,651		15.19%		9.87		1,057,636		623,652		(168,236)
USIM5		111,144,456		20.29%		14.61		1,623,821		111,144,456		20.29%		9.51		1,056,984		566,837		32,232
								3,305,109								2,114,620		1,190,489		(136,004)
PATI3		2,065,529		11.31%		28.99		59,879		2,065,529		11.31%		22.90		47,300		12,579		17,224
								3,364,988								2,161,920		1,203,068		(118,780)

Schedule of foreign exchange exposure

The consolidated net exposure as of December 31, 2020 is shown below:

				12/31/2020
Foreign Exchange Exposure		(Amounts in US$’000)		(Amounts in €’000)
Cash and cash equivalents overseas		664,951		13,372
Trade receivables		387,039		2,560
Financial investments		23,748
Other assets		9,158		4,474
Total Assets		1,084,896		20,406
Borrowings and financing		(4,812,268)
Trade payables		(139,672)		(9,258)
Iron ore derivative		(172)
Other liabilities		(9,305)		(1,010)
Total Liabilities		(4,961,417)		(10,268)
Foreign exchange exposure		(3,876,521)		10,138
Cash flow hedge accounting		3,992,200
Exchange rate swap CDI x Dollar		(67,000)
Net foreign exchange exposure		48,679		10,138

Schedule of currencies used in sensitivity analysis

The currencies used in the sensitivity analysis and their respective scenarios are shown below:

								12/31/2020
Currency		Exchange rate		Probable scenario		Scenario 1		Scenario 2
USD		5.1967		5.2617		6.4959		7.7951
EUR		6.3779		6.3867		7.9724		9.5669
USD x EUR		1.2271		1.2124		1.5339		1.8407

Schedule of sensitivity analysis effects on exchange position

The effects on the result, considering scenarios 1 and 2 are shown below:

										12/31/2020
Instruments		Notional		Risk		Probable scenario (*) R$		Scenario 1 R$		Scenario 2 R$
Gross exchange position		(3,876,521)		Dollar		(251,974)		(5,036,279)		(10,072,558)
Cash flow hedge accounting		3,992,200		Dollar		259,493		5,186,566		10,373,133
Exchange rate swap CDI x Dollar		(67,000)		Dollar		(4,355)		(87,045)		(174,089)
Net exchange position		48,679		Dollar		3,164		63,242		126,486
Net exchange position		10,138		Euro		89		16,165		32,330
Exchange rate swap Dollar x Euro		40,697		Dollar		5,264		50,134		78,337

(*) The probable scenarios were calculated considering the following variations for risks: Real x Dollar - devaluation of the Real by 1.25% / Real x Euro - devaluation of the Real by 0.14% / Euro x Dollar - appreciation of Euro by 1.20%. Source: Central Bank of Brazil and European Central Bank quotations on 1/14/2021.

Schedule of sensitivity analysis effects on class of shares

The effects on the result, considering the probable scenarios, 1 and 2 are shown below:

				12/31/2020
Class of shares		Probable scenario		Scenario 1		Scenario 2
USIM3		(84,064)		(420,322)		(840,644)
USIM5		(81,191)		(405,955)		(811,910)
PATI3		(2,994)		(14,970)		(29,940)

Schedule of sensitivity analysis of interest rate swaps

The interest rates used in the sensitivity analysis and their respective scenarios are shown below:

					12/31/2020
Interest		Interest Rate			Scenario 1		Scenario 2
CDI		1.90%			2.38%		2.85%
TJLP		4.55%			5.69%		6.38%
LIBOR		0.26%			0.32%		0.39%

The effects on the result, considering scenarios 1 and 2 are shown below:

												Consolidated
										Impact on profit or loss
Changes in interest rates		% p.a		Assets		Liabilities		Probable scenario (*)		Scenario 1		Scenario 2
CDI		1.90		5,779,452		(9,104,416)		(10,673)		(15,794)		(31,588)
TJLP		4.55				(817,374)		(2,155)		(9,298)		(18,596)
Libor		0.26				(4,533,341)		(43,321)		(2,920)		(5,840)

(*) The sensitivity analysis is based on the premise of maintaining the market values as of December 31, 2020 as a probable scenario recorded in the company’s assets and liabilities.

Schedule of sensitivity analysis of price risks platts index

The effects on the result, considering scenarios 1 and 2 are shown below:

		12/31/2020
Maturity		Probable scenario (*) R$		Scenario 1 R$		Scenario 2 R$
2/2/2021		(33,677)		(120,262)		(240,524)
3/2/2021		(43,144)		(127,915)		(255,830)
		(76,821)		(248,177)		(496,354)

(*) The probable scenario was calculated considering the quotation of “Platts” on 1/14/2021 for the maturities of 2/2/2021 and 3/2/2021. Source: Bloomberg.

Schedule of dollar x Euro swap

The Company has derivative transactions with Banco Bradesco to protect its debt in NCE raised in September 2019 with maturity in October 2023 in the amount of US$67 million (equivalent to R$278 million) at a cost compatible with that usually practiced by the Company.

														Consolidated
														12/31/2020
								Appreciation (R$)				Fair value (market)		Impact on financial income (expenses) in 2020
Counterparties		Maturity		Functional Currency		Notional amount		Asset position		Liability position		Amounts receivable / (payable)
Exchange rate swap Dollar x Euro		04/26/2021 to 06/08/2021		Dollar		17,377		90,315		(93,823)		(3,508)		(4,749)
Exchange rate swap Dollar x Euro		01/06/2021 a 06/11/2021		Dollar		23,320		121,207		(125,528)		(4,321)		(4,321)
Total dollar-to-euro swap						40,697		211,522		(219,351)		(7,829)		(9,070)
Exchange rate swap GBP x Euro		Settled		GBP		3,956								(602)
Total Swap GBP x Euro						3,956								(602)
Exchange rate swap CDI x Dollar		02/10/2023		Dollar		(67,000)		289,544		(387,079)		(97,535)		(106,143)
Total Swap CDI x dollar						(67,000)		289,544		(387,079)		(97,535)		(106,143)
								501,066		(606,430)		(105,364)		(115,815)

Schedule of hedging instruments

The table below presents a summary of the relations of hedge as of December 31, 2020:

																		12/31/2020
Designation Date		Hedging Instrument		Hedged item		Type of hedged risk		Hedged period		Exchange rate on designation		Designated amounts (US$’000)		Amortizated part (USD'000)		Effect on Result (*) (R$'000)		Impact on Shareholders' equity (R$'000)
12/18/2014		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		May 2020		2.6805		30,000		(30,000)		(82,374)		-
12/18/2014		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		May 2020		2.678		35,000		(35,000)		(96,190)		-
12/18/2014		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		May 2020		2.676		35,000		(35,000)		(96,261)		-
07/21/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		July 2019 - March 2021		3.1813		60,000		(45,000)		(58,475)		(30,231)
07/23/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		July 2019 - March 2021		3.285		100,000		(75,000)		(92,026)		(47,793)
07/23/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.285		30,000		(18,000)		(14,185)		(22,940)
07/24/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.3254		100,000		(60,000)		(46,474)		(74,852)
07/27/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.3557		25,000		(15,000)		(11,467)		(18,410)
07/27/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.3557		70,000		(42,000)		(32,108)		(51,548)
07/27/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.3557		30,000		(18,000)		(13,760)		(22,092)
07/28/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		August 2018 - October 2022		3.3815		30,000		(18,000)		(13,605)		(21,782)
3/8/2015		Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		July 2018 - October 2022		3.394		355,000		(276,500)		(338,777)		(141,512)
2/4/2018		Bonds		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		July 2018 - February 2023		3.3104		1,170,045		(820,045)		(306,189)		(660,205)
07/31/2019		Bonds and Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		January 2020 - April 2026		3.7649		1,342,761		(247,061)		(329,966)		(1,568,823)
10/1/2020		Bonds without express maturity and Export prepayments in US$ to third parties		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		March 2020 - December 2050		4.0745		1,416,000		(102,000)		(136,029)		(1,474,571)
01/28/2020		Bonds		Part of the highly probable future monthly iron ore exports		Foreign exchange - R$ vs. US$ spot rate		March 2017 - January 2028		4.2064		1,000,000		-		-		(990,299)
Total												5,828,806		(1,836,606)		(1,667,886)		(5,125,058)

(*) On December 31, 2020, the amount of (R$1,667,886) was recorded in Other Operating Expenses. As of December 31, 2019, (R$790,353).

Schedule of changes in hedge accounting

The changes in the hedge accounting amounts recognized in shareholders’ equity as of December 31, 2020 are as follows :

							Consolidated
	12/31/2019		Movement		Realization		12/31/2020
Cash flow hedge accounting	1,255,770		5,537,174		(1,667,886)		5,125,058

Schedule of reclassified to other operating income and expenses

The table below shows the result of the derivative instrument on December 31, 2020 recognized in Other Comprehensive Income and, when carrying out shipments, the amount reclassified to Other Operating Income and Expenses:

								12/31/2020						12/31/2020
				Appreciation (R$)				Fair value (market)		Other income and expenses		Other comprehensive income		Exchange variation
Maturity		Notional		Asset position		Liability position		Amounts receivable / (payable)
09/02/2020 (Settled)		Platts								(31,678)				(136)
10/02/2020 (Settled)		Platts								(132,997)				(9,051)
11/04/2020 (Settled)		Platts								(85,164)				(7,301)
12/02/2020 (Settled)		Platts								(33,310)				52
2/2/2021		Platts		486,852		(493,925)		(7,073)				(6,888)		(185)
2/3/2021		Platts		527,684		(521,504)		6,180				6,063		117
				1,014,536		(1,015,429)		(893)		(283,149)		(825)		(16,504)

Schedule of changes in hedge accounting platts

The change in the amounts related to cash flow hedge accounting - “Platts” index recorded in shareholders’ equity on December 31, 2020 is shown as follows:

	12/31/2019		Movement		Realization		12/31/2020
Cash flow hedge accounting  –  “Platts”			283,974		(283,149)		825
Income tax and social contribution on cash flow hedge accounting			(96,551)		96,271		(280)
Fair Value of cash flow accounting - Platts, net			187,423		(186,878)		545

Schedule of non-derivative financial liabilities

In order to eliminate this exposure and cover future fluctuations in the Euro on these loans, non-derivative financial liabilities were designated, represented by loan contracts with financial institutions in the amount of € 120 million which matured on January 31, 2020, when was settled financially.

12/31/2020

Designation Date

Hedging Instrument

Hedged item

Type of hedged risk

Exchange rate on designation

Designated amounts (EUR'000)

Impact on shareholders' equity

09/30/2015

Non-derivative financial liabilities in EUR – Debt contract

Investments in subsidiaries which EUR is the functional currency

Foreign exchange - R$ vs. EUR spot rate

4.0825

120,000

6,293

Total

120,000

6,293

Schedule of balance sheet and statement of income

• Classification of derivatives in the balance sheet and income

												12/31/2020		12/31/2019
Instruments		Liabilities						Other operating income expenses		Other comprehensive income		Financial income (expenses), net (note 28)
		Current		Non-current		Total
Exchange rate swap Dollar x Euro		(7,829)				(7,829)						(9,070)		783
Exchange rate swap GBP x Euro												(602)
Exchange rate swap CDI x Dollar				(97,535)		(97,535)						(106,143)		4,203
Iron ore derivative		(893)				(893)		(283,149)		(825)		(16,504)
		(8,722)		(97,535)		(106,257)		(283,149)		(825)		(132,319)		4,986

Schedule of contractual maturities of financial liabilities

The following are the contractual maturities of financial liabilities including interest.

									Consolidated
At December 31, 2020	Less than one year		From one to two years		From two to five years		Over five years		Total
Borrowings, financing and debentures (note 13)	4,155,483		14,146,118		4,671,511		12,397,499		35,370,611
Lease Liabilities (note 16)	93,626		143,227		115,398		177,880		530,131
Derivative financial instruments (note 14 I)	8,722				97,535				106,257
Trade payables (note 17)	4,819,539		528,551		14,976				5,363,066
Trade payables – Drawee risk (note 14 I)	623,861								623,861
Dividends and interest on equity (note 15)	946,133								946,133
Total	10,647,364		14,817,896		4,899,420		12,575,379		42,940,059

Schedule of fair values of assets and liabilities

The estimated fair value for certain consolidated long-term borrowings and financing was calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:

			12/31/2020				12/31/2019
	Closing Balance		Fair value		Closing Balance		Fair value
Perpetual bonds	5,203,773		5,157,465		4,036,186		3,706,553
Fixed Rate Notes	15,067,341		15,744,067		8,090,297		8,345,471

Schedule of capital Management

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 Company’s consolidated capital structure, with financing by equity and third-party capital:

Thousands of reais		12/31/2020		12/31/2019
Shareholder's equity (equity)		11,251,505		11,361,932
Borrowings and Financing (Third-party capital)		35,270,653		27,967,036
Gross Debit/Shareholder's equity		3.13		2.46

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