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RELATED-PARTY BALANCES AND TRANSACTIONS | 12 Months Ended
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Dec. 31, 2021
RELATED-PARTY BALANCES AND TRANSACTIONS |
| 23. | RELATED-PARTY BALANCES AND TRANSACTIONS
23.a) Transactions with holding companies Vicunha Aços SA is shareholder of the Company with a 50.65% interest in the voting capital. Also, part of the Company’s control is Rio Iaco Participações SA, which holds a 3.41% interest in the voting capital of CSN. The corporate structure of Vicunha Aços SA is as follows:
| a) | Vicunha Steel S.A. - holds 67.93% interest in Vicunha Aços S.A.;
| b) | CFL Participações S.A. - holds a 12.82% interest in Vicunha Aços S.A. and a 40% interest in Vicunha Steel S.A.;
| c) | Rio Purus Participações S.A. - holds a 19.25% interest in Vicunha Aços S.A. and a 60% interest in Vicunha Steel S.A.
| · | Liabilities
The Company's Board of Directors at a meeting held on July 27, 2021, approved the distribution of dividends to shareholders on income generated until June 30, 2021, in the amount of R$861,641 to shareholder Vicunha Aços S.A and R$57,956 to Rio Iaco Participações S.A., corresponding to R$1.26801069070972 per share, which were paid in August 2021. Additionally, on December 29, 2021, the Board of Directors approved the payment to shareholders of interest on equity in the amount of R$129,839 to shareholder Vicunha Aços S.A and R$8,723 to Rio Iaco Participações S.A., corresponding to R$0.19150790423 per share, after withholding income tax, the value per share is R$0.16278171860. The interest on equity will be paid to shareholders until May 30, 2022. After the anticipations, the remaining balance destined as minimum mandatory dividends amounted to R$458,070 to the shareholder Vicunha Aços S.A and R$30,811 to Rio Iaco Participações S.A., which will be submitted for approval at the General Meeting. 23.b) Transactions with subsidiaries, joint ventures, associates, exclusive founds and other related parties
|  | Consolidated
|  | 12/31/2021 |  | 12/31/2020
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 2,579,990 |  | 2,579,990 |  |  |  |  |  | 3,763,603 |  | 3,763,603
Trade receivables (note 7) | (2) | 8,159 |  | 1,667 |  | 134,570 |  | 144,396 |  | 7,686 |  | 8 |  | 113,482 |  | 121,176
Dividends (note 10) | (3) |  |  | 61,898 |  | 14,980 |  | 76,878 |  |  |  | 38,088 |  |  |  | 38,088
Loans (note 10) | (4) |  |  | 4,511 |  |  |  | 4,511 |  |  |  |  |  |  |  |
Other current assets (note 10) |  |  |  |  |  | 1,828 |  | 1,828 |  |  |  | 4,413 |  | 1,829 |  | 6,242
|  | 8,159 |  | 68,076 |  | 2,731,368 |  | 2,807,603 |  | 7,686 |  | 42,509 |  | 3,878,914 |  | 3,929,109
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments | (1) |  |  |  |  | 132,523 |  | 132,523 |  |  |  |  |  | 123,409 |  | 123,409
Loans (note 10) | (4) | 3,626 |  | 1,139,602 |  |  |  | 1,143,228 |  | 3,375 |  | 962,675 |  |  |  | 966,050
Actuarial asset (note 10) |  |  |  |  |  | 59,111 |  | 59,111 |  |  |  |  |  | 13,819 |  | 13,819
Other non-current assets (note 10) | (5) |  |  | 927,077 |  |  |  | 927,077 |  |  |  | 664,020 |  |  |  | 664,020
|  | 3,626 |  | 2,066,679 |  | 191,634 |  | 2,261,939 |  | 3,375 |  | 1,626,695 |  | 137,228 |  | 1,767,298
|  | 11,785 |  | 2,134,755 |  | 2,923,002 |  | 5,069,542 |  | 11,061 |  | 1,669,204 |  | 4,016,142 |  | 5,696,407
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  | 21 |  | 62,730 |  | 14,712 |  | 77,463 |  |  |  | 106,946 |  | 9,455 |  | 116,401
Accounts payable (note 16) |  |  |  | 28,442 |  |  |  | 28,442 |  |  |  | 23,555 |  | 2,437 |  | 25,992
Provision for consumption (note 16) |  |  |  | 22,182 |  |  |  | 22,182 |  |  |  | 44,466 |  |  |  | 44,466
|  | 21 |  | 113,354 |  | 14,712 |  | 128,087 |  |  |  | 174,967 |  | 11,892 |  | 186,859
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable (note 16) |  |  |  | 66,607 |  |  |  | 66,607 |  |  |  | 78,083 |  |  |  | 78,083
Actuarial liability (note 16) |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,546 |  | 79,546
|  |  |  | 66,607 |  |  |  | 66,607 |  |  |  | 78,083 |  | 79,546 |  | 157,629
|  | 21 |  | 179,961 |  | 14,712 |  | 194,694 |  |  |  | 253,050 |  | 91,438 |  | 344,488
Schedule of transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by transaction - statement of income
|  | Consolidated
|  | 12/31/2021 |  | 12/31/2020
|  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total |  | Subsidiaries and associates |  | Joint-ventures and Joint Operation |  | Other related parties |  | Total
P&L |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | 274,978 |  | 2,250 |  | 3,244,017 |  | 3,521,245 |  | 104,400 |  | 843 |  | 1,568,992 |  | 1,674,235
Cost and expenses |  | (1,065) |  | (1,273,740) |  | (119,500) |  | (1,394,305) |  |  |  | (1,036,420) |  | (104,212) |  | (1,140,632)
Financial income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (note 29) |  | 251 |  | 49,293 |  | 32,246 |  | 81,790 |  |  |  | 19,095 |  | 18,421 |  | 37,516
Short-term investments |  |  |  |  |  | 94,866 |  | 94,866 |  |  |  |  |  | 1,190,489 |  | 1,190,489
|  | 274,164 |  | (1,222,197) |  | 3,251,629 |  | 2,303,596 |  | 104,400 |  | (1,016,482) |  | 2,673,690 |  | 1,761,608
| 1. | Financial investments
In the consolidated financial statements refers to Investments in Usiminas shares of R$2,383,059 (R$3,305,109 in December 2020) and cash and cash equivalents with Banco Fibra totaling R$196,931 in December 2021 (R$458,494 in December 2020) and no current amount R$132,523 (R$123,409 in December 2020) from Bonds with an average rate of 98% to 115% of the CDI.
| 2. | Trade receivable mainly refers to operations of sales of steel products to other unconsolidated related parties.
| Dividend’s | receivable:
| 3. | dividends from Usiminas R$14,980 (nil on December 31, 2020) and from MRS Logística in the amount of R$61,898 (R$38,088 on December 31, 2020)
| Loans | (Assets):
| 4. | Short-term: refers mainly to loan agreements with Equimac S.A. at a fixed rate of 4.0% p.a. + 100.00% of CDI of R$4,511.
Long-term: refers mainly to loan agreements with Transnordestina Logística R$1,123,375 (R$962,675 as of December 31, 2020) at an average rate of 125% to 130% p.a. of the CDI, loans at a fixed rate of 130% of the CDI with Arvedi Metalfer S.A. of R$3,626 and loans at a fixed rate of 4.0% p.a.+ 100% of the CDI with Equimac S.A. of R$16,227.
| 5. | Others (Assets): Advance for future capital increase with subsidiaries Transnordestina Logística S.A in the amount of R$927,076 (R$664,020 on December 31,2020).
| 6. | Loans (Liabilities):
Foreign currency: Intercompany contracts in the amount of R$9,591.868 on December 31,2021 (R$15,069,614 on December 31, 2020).
| 23.c) | Other unconsolidated related parties
| · | CBS Social Security
The Company is its main sponsor, being a non-profit civil society established in July 1960 and whose main objective is the payment of benefits complementary to those of the official social security for the participants. As a sponsor, it maintains transactions for payment of contributions and recognition of actuarial liabilities determined in defined benefit plans.
| · | Banco Fibra
Banco Fibra is under the control structure of Vicunha Aços S.A., the major shareholder of the Company and the financial transactions carried out with this bank are limited to movements in checking accounts and financial investments in fixed-income securities.
| · | CSN Foundation
The Company develops socially responsible policies concentrated today in the CSN Foundation, of which it is the founder. Transactions between the parties are related to operational and financial support for the Foundation to conduct social projects developed mainly in the locations where it operates.
| · | Related Parties under the control of a member of the Company’s Management
The following companies are under the control of a member of the Management, which maintain some minor transactions with the Company:
| · | Partifib Projetos Imobiliários Ltda
| · | Vicunha Imóveis Ltda.
| · | Vicunha Serviços Ltda.
| · | Ibis Participações e Serviços Ltda
| · | Party Negócios e Participações Ltda;
| · | Jockey Club de São Paulo;
| · | Fibra Sequoia Guarulhos Empreendimentos.
| 23.d) | Key management personal
The key management personnel with authority and responsibility for planning, directing, and controlling the Company’s activities include members of the Board of Directors and statutory officers. The following is information on the compensation of such personnel and the related balances as of December 31, 2021, 2020 and 2019. Key management personnel compensation
|  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
|  | P&L
Short-term benefits for employees and officers |  | 46,747 |  | 40,522 |  | 37,452
Post-employment benefits |  | 192 |  | 111 |  | 109
Key management personnel compensation |  | 46,939 |  | 40,633 |  | 37,561
| 23.e) | Guarantees
The Company is liable for guarantees of its subsidiaries and joint ventures as follows: Schedule of guarantees
| Currency |  | Maturities |  | Borrowings | Tax foreclosure | Others | Total
|  |  |  |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020
Transnordestina Logísitca | R$ |  | Up to 09/19/2056 and Indefinite |  | 2,486,926 |  | 2,478,105 |  | 12,627 |  | 35,496 |  | 3,384 |  | 3,298 |  | 2,502,937 |  | 2,516,899
CSN Cimentos | R$ |  | Up to 11/26/2023 and indefinite |  |  |  |  |  |  |  |  |  | 33 |  |  |  | 33 |  |
Cia Siderurgica Nacional | R$ |  | 05/31/2025 |  |  |  |  |  |  |  |  |  | 536 |  |  |  | 536 |  |
Cia Metalurgica Prada | R$ |  | Indefinite |  |  |  |  |  | 197 |  | 196 |  | 244 |  | 244 |  | 441 |  | 440
CSN Energia | R$ |  | Up to 11/26/2023 and indefinite |  |  |  |  |  |  |  |  |  | 1,920 |  | 1,920 |  | 1,920 |  | 1,920
CSN Mineração | R$ |  | Up to 12/21/2024 |  | 846,284 |  | 846,749 |  |  |  |  |  |  |  |  |  | 846,284 |  | 846,749
CBS | R$ |  | 06/30/2024 |  |  |  |  |  |  |  |  |  | 21 |  |  |  | 21 |  |
Estanho de Rondônia | R$ |  | 7/15/2022 |  | 771 |  | 1,154 |  |  |  |  |  |  |  |  |  | 771 |  | 1,154
Minérios Nacional S.A. | R$ |  | Up to 09/10/2021 |  |  |  | 1,946 |  |  |  |  |  |  |  |  |  |  |  | 1,946
Total in R$ |  |  |  |  | 3,333,981 |  | 3,327,954 |  | 12,824 |  | 35,692 |  | 6,138 |  | 5,462 |  | 3,352,943 |  | 3,369,108
CSN Inova Ventures | US$ |  | 01/28/2028 |  | 1,300,000 |  | 1,300,000 |  |  |  |  |  |  |  |  |  | 1,300,000 |  | 1,300,000
CSN Islands XII | US$ |  | Perpetual |  |  |  | 1,000,000 |  |  |  |  |  |  |  |  |  |  |  | 1,000,000
CSN Resources | US$ |  | Up to 04/17/2026 |  | 1,450,000 |  | 1,525,000 |  |  |  |  |  |  |  |  |  | 1,450,000 |  | 1,525,000
CSN Cimentos | US$ |  | Indefinite |  |  |  |  |  |  |  |  |  | 1,025 |  |  |  | 1,025 |  |
Total in US$ |  |  |  |  | 2,750,000 |  | 3,825,000 |  |  |  |  |  | 1,025 |  |  |  | 2,751,025 |  | 3,825,000
Lusosider Aços Planos | EUR |  | Indefinite |  |  |  |  |  |  |  |  |  | 75,000 |  |  |  | 75,000 |  |
Total in EUR |  |  |  |  |  |  |  |  |  |  |  |  | 75,000 |  |  |  | 75,000 |  |
Total in R$ |  |  |  |  | 15,346,375 |  | 19,877,378 |  |  |  |  |  | 479,795 |  |  |  | 15,826,170 |  | 19,877,378
|  |  |  |  | 18,680,356 |  | 23,205,332 |  | 12,824 |  | 35,692 |  | 485,933 |  | 5,462 |  | 19,179,113 |  | 23,246,486
Accounting Policy
Transactions with related parties were carried out by the Company on terms equivalent to those prevailing in market transactions, observing the price and the usual market conditions. Therefore, these transactions are in conditions that are no less favorable for the Company than those negotiated with third-parties. Transactions between the related parties are eliminated and adjusted to ensure consistency with the practices adopted by The Company. The Company’s related parties are subsidiaries, joint ventures, affiliates, shareholders and their related companies and the key personnel of the Company’s management.

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