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v3.24.1.u1

FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
Schedule of financial instruments |
Schedule of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Consolidated |  |  |  |  |  | 12/31/2023 |  |  |  | 12/31/2022
| Notes |  | Fair value through other comprehensive income |  | 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 |  |  |  |  |  | 16,046,218 |  | 16,046,218 |  |  |  | 11,991,356 |  | 11,991,356
Short-term investments |  | 5 |  |  |  | 1,493,204 |  | 39,800 |  | 1,533,004 |  | 1,184,895 |  | 271,590 |  | 1,456,485
Trade receivables |  | 6 |  |  |  |  |  | 3,269,764 |  | 3,269,764 |  |  |  | 3,233,164 |  | 3,233,164
Dividends and interest on equity |  | 9 |  |  |  |  |  | 185,178 |  | 185,178 |  |  |  | 77,377 |  | 77,377
Derivative financial instruments |  | 9 |  |  |  | 32,211 |  |  |  | 32,211 |  |  |  |  |  |
Trading securities |  | 9 |  |  |  | 7,198 |  |  |  | 7,198 |  | 9,596 |  |  |  | 9,596
Loans - related parties |  | 9 |  |  |  |  |  | 5,316 |  | 5,316 |  |  |  | 5,383 |  | 5,383
Total |  |  |  |  |  | 1,532,613 |  | 19,546,276 |  | 21,078,889 |  | 1,194,491 |  | 15,578,870 |  | 16,773,361
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 5 |  |  |  |  |  | 251,299 |  | 251,299 |  |  |  | 156,185 |  | 156,185
Other trade receivables |  | 9 |  |  |  |  |  | 10,406 |  | 10,406 |  |  |  | 8,059 |  | 8,059
Eletrobrás compulsory loan |  | 9 |  |  |  |  |  | 62,913 |  | 62,913 |  |  |  | 58,030 |  | 58,030
Receivables by indemnity |  | 9 |  |  |  |  |  | 992,577 |  | 992,577 |  |  |  | 974,863 |  | 974,863
Loans - related parties |  | 9 |  |  |  |  |  | 1,659,412 |  | 1,659,412 |  |  |  | 1,384,773 |  | 1,384,773
Investments |  | 10 |  |  |  | 78,737 |  |  |  | 78,737 |  | 94,700 |  |  |  | 94,700
Total |  |  |  |  |  | 78,737 |  | 2,976,607 |  | 3,055,344 |  | 94,700 |  | 2,581,910 |  | 2,676,610
Total Assets |  |  |  |  |  | 1,611,350 |  | 22,522,883 |  | 24,134,233 |  | 1,289,191 |  | 18,160,780 |  | 19,449,971
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 13 |  |  |  |  |  | 7,701,796 |  | 7,701,796 |  |  |  | 5,269,952 |  | 5,269,952
Leases |  | 15 |  |  |  |  |  | 137,638 |  | 137,638 |  |  |  | 177,010 |  | 177,010
Trade payables |  | 16 |  |  |  |  |  | 7,739,520 |  | 7,739,520 |  |  |  | 6,596,915 |  | 6,596,915
Trade payables -drawee risk |  | 17 |  |  |  |  |  | 4,209,434 |  | 4,209,434 |  |  |  | 5,709,069 |  | 5,709,069
Dividends and interest on capital |  | 17 |  |  |  |  |  | 80,624 |  | 80,624 |  |  |  | 611,307 |  | 611,307
Derivative financial instruments |  | 17 |  | 672,280 |  | 263,747 |  |  |  | 936,027 |  | 416,935 |  |  |  | 416,935
Total |  |  |  | 672,280 |  | 263,747 |  | 19,869,012 |  | 20,805,039 |  | 416,935 |  | 18,364,253 |  | 18,781,188
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 13 |  |  |  |  |  | 37,772,116 |  | 37,772,116 |  |  |  | 36,170,996 |  | 36,170,996
Leases |  | 15 |  |  |  |  |  | 596,123 |  | 596,123 |  |  |  | 516,836 |  | 516,836
Trade payables |  | 16 |  |  |  |  |  | 31,060 |  | 31,060 |  |  |  | 46,269 |  | 46,269
Derivative financial instruments |  | 17 |  |  |  | 60,468 |  |  |  | 60,468 |  | 69,472 |  |  |  | 69,472
Concessions payable |  | 17 |  |  |  |  |  | 74,177 |  | 74,177 |  |  |  | 77,296 |  | 77,296
Total |  |  |  |  |  | 60,468 |  | 38,473,476 |  | 38,533,944 |  | 69,472 |  | 36,811,397 |  | 36,880,869
Total Liabilities |  |  |  | 672,280 |  | 324,215 |  | 58,342,488 |  | 59,338,983 |  | 486,407 |  | 55,175,650 |  | 55,662,057
Schedule of fair value hierarchy |
Schedule of fair value hierarchy |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  |  |  |  | 12/31/2023 |  |  |  |  |  | 12/31/2022
| Level 1 |  | Level 2 |  | Balances |  | Level 1 |  | Level 2 |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 1,493,204 |  |  |  | 1,493,204 |  | 1,184,895 |  |  |  | 1,184,895
Derivative financial instruments |  | 32,211 |  |  |  | 32,211 |  |  |  |  |  |
Trading securities |  | 7,198 |  |  |  | 7,198 |  | 9,596 |  |  |  | 9,596
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 78,737 |  |  |  | 78,737 |  | 94,700 |  |  |  | 94,700
Total Assets |  | 1,611,350 |  |  |  | 1,611,350 |  | 1,289,191 |  |  |  | 1,289,191
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 263,747 |  | 263,747 |  |  |  | 416,935 |  | 416,935
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 60,468 |  | 60,468 |  |  |  | 69,472 |  | 69,472
Total Liabilities |  |  |  | 324,215 |  | 324,215 |  |  |  | 486,407 |  | 486,407
Schedule of net exposure |
Schedule of net exposure |  |  |  |
|  | 12/31/2023 |  | 12/31/2022
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in US$’000)
Cash and cash equivalents overseas |  | 2,228,736 |  | 1,191,036
Trade receivables |  | 292,028 |  | 315,920
Financial investments |  | 15,597 |  | 26,930
Borrowings and financing |  | (5,615,893) |  | (4,594,471)
Trade payables |  | (524,622) |  | (366,149)
Others |  | (42,474) |  | (23,079)
Natural Gross Foreign Exchange Exposure (assets - liabilities) |  | (3,646,628) |  | (3,449,813)
Cash flow hedge accounting |  | 3,931,879 |  | 4,409,760
Exchange rate swap CDI x Dollar |  | (67,000) |  | (67,000)
Exchange rate swap Real x Dollar |  | (115,000) |  | (115,000)
Net foreign exchange exposure |  | 103,251 |  | 777,947
Schedule of sensitivity analysis |
Schedule of sensitivity analysis |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 12/31/2023
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 4.8413 |  | 4.9408 |  | 6.0516 |  | 7.2620
EUR |  | 5.3516 |  | 5.3474 |  | 6.6895 |  | 8.0274
USD x EUR |  | 1.1054 |  | 1.0823 |  | 1.3818 |  | 1.6581
Schedule of effects on scenarios 1 and 2 |
Schedule of effects on scenarios 1 and 2 |  |  |  |  |  |  |  |  |  |
Instruments |  | Notional |  | Risk |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
Gross exchange position |  | (3,646,628) |  | Dollar |  | (362,839) |  | (4,413,605) |  | (8,827,210)
Cash flow hedge accounting |  | 3,931,879 |  | Dollar |  | 391,222 |  | 4,758,851 |  | 9,517,703
Exchange rate swap CDI x Dollar |  | (67,000) |  | Dollar |  | (6,666) |  | (81,092) |  | (162,184)
Exchange rate swap Real x Dollar |  | (115,000) |  | Dollar |  | (11,443) |  | (139,187) |  | (278,375)
Net exchange position |  | 103,251 |  | Dollar |  | 10,274 |  | 124,967 |  | 249,934
(*) |  | The probable scenarios were calculated considering the following variations for the risks: Real x Dollar – devaluation of the Real by 2.06% / Real x Euro - valuation of the Real by 0.8% / Euro x Dollar - appreciation of the Dollar by 2.09%. Source: Central Bank of Brazil and European Central Bank quotations on February 20, 2024.
Schedule of changes in interest rates |
Schedule of changes in interest rates |  |  |  |  |  |
|  |  |  |  |  | Consolidated
|  |  |  |  |  | 12/31/2023
Interest |  | Interest rate |  | Scenario 1 |  | Scenario 2
CDI |  | 11.65% |  | 14.56% |  | 17.48%
TJLP |  | 6.55% |  | 8.19% |  | 9.83%
IPCA |  | 4.62% |  | 5.78% |  | 6.93%
SOFR 6M |  | 5.16% |  | 6.45% |  | 7.74%
SOFR |  | 5.38% |  | 6.73% |  | 8.07%
EURIBOR 3M |  | 3.91% |  | 4.89% |  | 5.86%
EURIBOR 6M |  | 3.86% |  | 4.83% |  | 5.79%
Schedule of effects on profit and loss |
Schedule of effects on profit and loss |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Consolidated
Changes in interest rates |  | % p.a |  | Assets |  | Liabilities |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
CDI |  | 11.65 |  | 5,145,643 |  | (15,051,974) |  | (11,060,419) |  | (11,348,940) |  | (11,637,462)
TJLP |  | 6.55 |  |  |  | (850,558) |  | (906,270) |  | (920,197) |  | (934,125)
IPCA |  | 4.62 |  |  |  | (34,181) |  | (35,761) |  | (36,155) |  | (36,550)
SOFR 6M |  | 5.16 |  |  |  | (3,609,189) |  | (3,795,341) |  | (3,841,879) |  | (3,888,417)
SOFR |  | 5.38 |  |  |  | (3,936,332) |  | (4,148,107) |  | (4,201,050) |  | (4,253,994)
EURIBOR 3M |  | 3.91 |  |  |  | (415,455) |  | (431,695) |  | (435,755) |  | (439,815)
EURIBOR 6M |  | 3.86 |  |  |  | (26,008) |  | (27,012) |  | (27,263) |  | (27,514)
(*) |  | The sensitivity analysis is based on the premise of maintaining the market values as of December 31, 2023 as a probable scenario recorded in the company´s assets and liabilities.
Schedule of derivative instrument |
Schedule of derivative instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 12/31/2023 |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2023 |  | 12/31/2022
|  |  |  | Appreciation (R$) |  | Fair value (market) |  | Other income and expenses (note 25) |  | Other comprehensive income |  | Exchange variation
Maturity |  | Notional |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |  |  |
05/31/2022 (Settled) |  | Platts |  |  |  |  |  |  |  |  |  | 23,374 |  |  |  |  |  |  |  | (1,087)
12/01/2022 to 12/31/2022 (Settled) |  | Platts |  |  |  |  |  |  |  |  |  | (75,664) |  |  |  | 341,269 |  |  |  | (3,246)
01/01/2023 to 11/30/2023 (Settled) |  | Platts |  |  |  |  |  |  |  | (527,076) |  |  |  |  |  |  |  | (11,844) |  |
12/01/2023 to 12/31/2023 (*) |  | Platts |  | 1,708,582 |  | (1,972,329) |  | (263,747) |  | (263,853) |  |  |  |  |  |  |  | 599 |  |
01/01/2024 to 01/31/2024 |  | Platts |  | 2,122,502 |  | (2,411,003) |  | (288,501) |  |  |  |  |  | (288,501) |  |  |  | 4,477 |  |
02/01/2024 to 02/28/2024 |  | Platts |  | 1,314,990 |  | (1,504,462) |  | (189,472) |  |  |  |  |  | (189,472) |  |  |  | 3,370 |  |
03/01/2024 to 03/31/2024 |  | Platts |  | 1,348,909 |  | (1,440,328) |  | (91,419) |  |  |  |  |  | (91,419) |  |  |  | 889 |  |
04/01/2024 to 04/30/2024 |  | Platts |  | 964,254 |  | (1,028,079) |  | (63,825) |  |  |  |  |  | (63,825) |  |  |  | 789 |  |
05/01/2024 to 05/31/2024 |  | Platts |  | 783,144 |  | (817,011) |  | (33,867) |  |  |  |  |  | (33,867) |  |  |  | 365 |  |
06/01/2024 to 06/30/2024 |  | Platts |  | 283,636 |  | (288,832) |  | (5,196) |  |  |  |  |  | (5,196) |  |  |  | 32 |  |
|  |  |  | 8,526,017 |  | (9,462,044) |  | (936,027) |  | (790,929) |  | (52,290) |  | (672,280) |  | 341,269 |  | (1,323) |  | (4,333)
(*) |  | The transaction matured on December 31, 2023 and was settled at the beginning of January 2024.
Schedule of changes in cash flow hedge accounting |
Schedule of changes in cash flow hedge accounting |  |  |  |  |  |  |
| 12/31/2022 |  | Movement |  | Realization |  | 12/31/2023
Cash flow hedge accounting – “Platts” | (341,269) |  | (1,121,940) |  | 790,929 |  | (672,280)
Income tax and social contribution on cash flow hedge accounting | 116,031 |  | 381,460 |  | (268,916) |  | 228,575
Fair Value of cash flow accounting - Platts, net | (225,238) |  | (740,480) |  | 522,013 |  | (443,705)
Schedule of sensitivity analysis for Platts price risks |
Schedule of sensitivity analysis for Platts price risks |  |  |  |  |  |
|  | 12/31/2023
Maturity |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
01/01/2024 to 01/31/2024 |  | (202,888) |  | (783,153) |  | (1,363,417)
02/01/2024 to 02/29/2024 |  | (50,344) |  | (390,249) |  | (730,155)
03/01/2024 to 03/31/2024 |  | 79,161 |  | (239,566) |  | (558,293)
04/01/2024 to 04/30/2024 |  | 55,298 |  | (172,219) |  | (399,736)
05/01/2024 to 05/31/2024 |  | 59,651 |  | (121,760) |  | (303,171)
06/01/2024 to 06/30/2024 |  | 27,517 |  | (37,046) |  | (101,609)
|  | (31,605) |  | (1,743,993) |  | (3,456,381)
(*) |  | The probable scenario was calculated considering the “Platts” price on February 20, 2024.
Schedule of relations of hedge |
Schedule of relations of hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2023
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$'000)
2/4/2018 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | July 2018 - February 2023 |  | 3.3104 |  | 1,170,045 |  | (1,170,045) |  | (281,258) |  |
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 |  | (871,761) |  | (57,873) |  | (506,984)
10/1/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2020 to November 2025 until December 2050 |  | 4.0745 |  | 1,416,000 |  | (1,404,021) |  |  |  | (1,332,313)
01/28/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2027 - January 2028 |  | 4.2064 |  | 1,000,000 |  |  |  |  |  | (634,900)
1/6/2022 |  | 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 |  | June 2022 - April 2032 |  | 4.7289 |  | 1,145,300 |  | (137,300) |  | (24,475) |  | (113,299)
1/6/2022 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | June 2022 - May 2033 |  | 4.7289 |  | 878,640 |  | (110,740) |  | (14,312) |  | (86,312)
1/12/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - November 2023 |  | 5.1643 |  | 60,000 |  | (60,000) |  | 16,398 |  |
1/12/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - December 2025 |  | 5.2565 |  | 100,000 |  |  |  |  |  | 41,520
1/12/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - January 2024 |  | 5.2660 |  | 50,000 |  |  |  |  |  | 21,235
1/12/2022 |  | Advance on foreign exchange contract |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - November 2023 |  | 5.3270 |  | 20,000 |  | (20,000) |  | 8,720 |  |
1/12/2022 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - June 2031 |  | 5.0360 |  | 490,000 |  | (37,000) |  | (606) |  | 88,199
1/12/2022 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | December 2022 - June 2027 |  | 5.0360 |  | 70,000 |  |  |  |  |  | 13,629
Total |  |  |  |  |  |  |  |  |  |  |  | 7,742,746 |  | (3,810,867) |  | (353,406) |  | (2,509,225)
(*) |  | The realization of Hedge accounting cash flow is recognized in Other operating income and expenses, note 27.
Schedule of hedge accounting movements |
Schedule of hedge accounting movements |  |  |  |  |  |  |
|  |  |  |  |  |  | Consolidated
| 12/31/2022 |  | Movement |  | Realization |  | 12/31/2023
Cash flow hedge accounting | (4,434,697) |  | 1,572,066 |  | 353,406 |  | (2,509,225)
Income tax and social contribution on cash flow hedge accounting | 1,507,797 |  | (534,502) |  | (120,158) |  | 853,137
Fair Value of cash flow accounting, net taxes | (2,926,900) |  | 1,037,564 |  | 233,248 |  | (1,656,088)
Schedule of liquidity risk |
Schedule of liquidity risk |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Consolidated
At December 31, 2023 | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Borrowings, financing and debentures (note 13) | 7,701,796 |  | 10,126,875 |  | 12,315,903 |  | 15,329,338 |  | 45,473,912
Lease Liabilities (note 15) | 137,638 |  | 208,039 |  | 138,412 |  | 249,672 |  | 733,761
Derivative financial instruments (note 14 a) | 936,027 |  | 60,468 |  |  |  |  |  | 996,495
Trade payables (note 16) | 7,739,520 |  | 28,059 |  | 514 |  | 2,487 |  | 7,770,580
Trade payables - Drawee Risk (note 16 and 17) | 4,209,434 |  |  |  |  |  |  |  | 4,209,434
Dividends and interest on equity (note 16 and 17) | 80,624 |  |  |  |  |  |  |  | 80,624
| 20,805,039 |  | 10,423,441 |  | 12,454,829 |  | 15,581,497 |  | 59,264,806
Schedule of fair values of assets and liabilities |
Schedule of fair values of assets and liabilities |  |  |  |  |  |  |
|  |  | 12/31/2023 |  |  |  | 12/31/2022
| Closing Balance |  | Fair value |  | Closing Balance |  | Fair value
Fixed Rate Notes (*) | 15,030,441 |  | 12,825,475 |  | 15,656,088 |  | 13,782,836
(*) |  | Source: Bloomberg
Schedule of position of the derivatives |
Schedule of position of the derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses) (note 26)
Instrument |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
Exchange rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange rate swap Dollar x Euro |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,119
Exchange rate swap Dollar x Real |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  |  |  | 176,991 |  | 37,322
Exchange rate swap CDI x Dollar |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  | 31,469 |  | 43,817 |  | (9,960)
Exchange rate swap Dollar x Euro |  | 5/2/2024 |  | Dollar |  | 20,000 |  |  |  |  |  | 9,567 |  | 9,567 |  |  |  |
Exchange rate swap CDI x Dollar |  | 10/4/2028 |  | Real |  | 680,000 |  | 748,622 |  | (736,499) |  | 12,123 |  | 12,122 |  |  |  |
Exchange rate swap Dollar x Real |  | 10/6/2027 |  | Dollar |  | 115,000 |  | 572,648 |  | (633,116) |  | (60,468) |  | (96,602) |  | (11,467) |  |
Total Swap |  |  |  |  |  | 815,000 |  | 1,321,270 |  | (1,369,615) |  | (38,778) |  | (43,444) |  | 209,341 |  | 34,481
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2031 |  | Real |  | 576,448 |  | 681,828 |  | (627,557) |  | 54,271 |  | 55,829 |  | (67,471) |  | (17,432)
Interest rate (Debentures) CDI x IPCA |  | 07/15/2032 |  | Real |  | 745,000 |  | 859,068 |  | (821,688) |  | 37,380 |  | 5,842 |  | (36,571) |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2036 |  | Real |  | 423,552 |  | 479,374 |  | (471,900) |  | 7,474 |  | 49,964 |  | (25,057) |  | (17,488)
Interest rate (Debentures) CDI x IPCA |  | 07/15/2037 |  | Real |  | 655,382 |  | 706,622 |  | (697,546) |  | 9,076 |  | (53,027) |  | (25,579) |  |
Interest rate (Debentures) CDI x IPCA |  | 02/16/2032 |  | Real |  | 600,000 |  | 699,420 |  | (638,471) |  | 60,949 |  | 22,690 |  | (24,089) |  |
Interest rate (Debentures) CDI x IPCA |  | 2/12/2032 |  | Real |  | 600,000 |  | 707,137 |  | (653,164) |  | 53,973 |  | 16,462 |  | (79,130) |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2030 |  | Real |  | 325,384 |  | 346,536 |  | (337,730) |  | 8,806 |  | 8,806 |  |  |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2033 |  | Real |  | 183,185 |  | 202,594 |  | (195,441) |  | 7,153 |  | 7,153 |  |  |  |
Interest rate (Debentures) CDI x IPCA |  | 07/14/2038 |  | Real |  | 203,620 |  | 208,937 |  | (209,962) |  | (1,025) |  | (1,025) |  |  |  |
Total interest rate (Debentures) CDI x IPCA |  |  |  |  |  | 4,312,571 |  | 4,891,515 |  | (4,653,458) |  | 238,057 |  | 112,694 |  | (257,897) |  | (34,920)
|  |  |  |  |  |  |  | 6,212,785 |  | (6,023,073) |  | 199,279 |  | 69,250 |  | (48,556) |  | (439)
Schedule of balance sheet and statement of income |
Schedule of balance sheet and statement of income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021
Instruments |  | Assets |  | Liabilities |  | Financial income (expenses), net (note 26)
| Current |  | Total |  | Current |  | Non-current |  | Total |
Exchange rate swap (NDF) Dollar x real (settled) |  |  |  |  |  |  |  |  |  |  |  |  |  | 176,991 |  | 37,322
Iron ore derivative |  | 10,521 |  | 10,521 |  | (936,027) |  |  |  | (936,027) |  |  |  |  |  |
Exchange rate swap Dollar x Euro |  | 9,567 |  | 9,567 |  |  |  |  |  |  |  | 9,567 |  |  |  | 7,119
Exchange rate swap CDI x Dollar |  | 12,123 |  | 12,123 |  |  |  |  |  |  |  | 43,591 |  | 43,817 |  | (9,960)
Exchange rate swap CDI x IPCA (1) |  |  |  |  |  |  |  | 238,057 |  | 238,057 |  | 112,694 |  | (257,897) |  | (34,920)
Exchange rate swap Dollar x real |  |  |  |  |  |  |  | (60,468) |  | (60,468) |  | (96,602) |  | (11,467) |  |
|  | 32,211 |  | 32,211 |  | (936,027) |  | 177,589 |  | (758,438) |  | 69,250 |  | (48,556) |  | (439)
Schedule of other operating income and expenses |
Schedule of other operating income and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of shares |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021
| Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Profit or loss (notes 26 and 27)
USIM3 |  | 106,620,851 |  | 15.12% |  | 9.20 |  | 980,912 |  | 106,620,851 |  | 15.12% |  | 7.41 |  | 790,061 |  | 190,851 |  | (757,008) |  | (121,593)
USIM5 |  | 55,144,456 |  | 10.07% |  | 9.29 |  | 512,292 |  | 55,144,456 |  | 10.07% |  | 7.16 |  | 394,834 |  | 117,458 |  | (441,156) |  | 506,890
|  |  |  |  |  |  |  | 1,493,204 |  |  |  |  |  |  |  | 1,184,895 |  | 308,309 |  | (1,198,164) |  | 385,297
PATI3 |  | 2,705,726 |  | 11.31% |  | 29.10 |  | 78,737 |  | 2,705,726 |  | 11.31% |  | 35.00 |  | 94,700 |  | (15,963) |  | (95,620) |  | 109,254
|  |  |  |  |  |  |  | 1,571,941 |  |  |  |  |  |  |  | 1,279,595 |  | 292,346 |  | (1,293,784) |  | 494,551
Schedule of sensitivity analysis for stock price risks |
Schedule of sensitivity analysis for stock price risks |  |  |  |  |  |
|  |  |  | 12/31/2023
Class of shares |  | Probable scenario |  | Scenario 1 |  | Scenario 2
|  | 5% |  | 25% |  | 50%
USIM3 |  | (49,046) |  | (245,228) |  | (490,456)
USIM5 |  | (25,615) |  | (128,073) |  | (256,146)
PATI3 |  | (3,937) |  | (19,684) |  | (39,368)
Schedule of capital management |
Schedule of capital management |  |  |  |
Thousands of reais |  | 12/31/2023 |  | 12/31/2022
Shareholder's equity (equity) |  | 19,684,838 |  | 21,907,929
Borrowings and Financing (Third-party capital) |  | 44,859,075 |  | 40,918,742
Gross Debit/Shareholder's equity |  | 2.28 |  | 1.87

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