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RELATED-PARTY BALANCES AND TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
RELATED-PARTY BALANCES AND TRANSACTIONS

 

22.RELATED-PARTY BALANCES AND TRANSACTIONS

 

22.a)Transactions with holding companies

 

Vicunha Aços S.A. is the Company’s controlling shareholder, with a 40.99% interest in its voting capital.

 

Rio Iaco Participações S.A. also controls the Company, with a 3.45% and CFL Ana Participações S.A. with 10.25%, both interest in CSN’s voting capital.

 

The corporate structure of Vicunha Aços S.A. is as follows:

 

(a)Vicunha Steel S.A. – holds a 100% interest in Vicunha Aços S.A.
(b)Rio Purus Participações S.A. – holds a 100% interest in Vicunha Steel S.A.

 

·Liabilities

 

At a meeting held on November 13, 2023, the Board of Directors approved the payment of interim dividends, to the profit reserve account, in the amount of R$985,000, corresponding to the value of R$0.742782969659389 per share. R$403,790 was paid to Vicunha Aços S.A., R$33,950 to Rio Iaco Participações S.A. and R$100,948 to CFL Ana Participações S.A. on November 31, 2023.

 

22.b)Transactions with subsidiaries, jointly controlled entities, associates, exclusive funds and other related parties

 

                                 
    Consolidated
    12/31/2023   12/31/2022
    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)       2,128,183    2,128,183         1,768,915    1,768,915
Trade receivables (note 6) (2)  34,441   2,658    131,268    168,367   48,236   1,182   59,716    109,134
Dividends (note 9) (3)    185,178        185,178     77,377        77,377
Loans (note 9) (4)   5,316        5,316     5,383        5,383
Other receivables (note 9)     6,480   1,829    8,309   30       1,828    1,858
     34,441    199,632   2,261,280    2,495,353   48,266   83,942   1,830,459    1,962,667
 Non-current Assets                                 
Investments (1)        111,350    111,350          140,510    140,510
Loans (note 9) (4)  3,732   1,655,680        1,659,412    3,678   1,381,095        1,384,773
Actuarial asset (note 9)         39,530    39,530         35,477    35,477
Other receivables (note 9) (5)   1,792,579        1,792,579     1,484,759        1,484,759
     3,732   3,448,259    150,880    3,602,871    3,678   2,865,854    175,987    3,045,519
     38,173   3,647,891   2,412,160    6,098,224   51,944   2,949,796   2,006,446    5,008,186
                                 
Liabilities                                
Current Liabilities                                 
Trade payables      140,579   35,435    176,014     93,115   37,448    130,563
Accounts payable (note 22 b)    46   22,378        22,424     23,555   24,134    47,689
Provision for consumption(note 22 b)     7,227        7,227     61,398        61,398
     46    170,184   35,435    205,665      178,068   61,582    239,650
 Non-current Liabilities                                 
Accounts payable     38,058        38,058     53,356        53,356
      38,058        38,058     53,356        53,356
     46    208,242   35,435    243,723      231,424   61,582    293,006

 

                                 
                                 
    Consolidated
    12/31/2023   12/31/2022
    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    206,158   21,663   1,769,915    1,997,736   234,150   34,924   2,442,586    2,711,660
Cost and expenses   (2,581)    (2,135,810)   (301,503)   (2,439,894)    (66)    (1,538,194)   (216,110)   (1,754,370)
Financial income (expenses)                        
Interest (note 27)      178,448   38,452    216,900      144,355   29,828    174,183
Exchange rate variations andmonetary, net          (58,837)   (58,837)          (13,584)   (13,584)
Financial investments (1)        308,309    308,309          (1,198,164)   (1,198,164)
Other operating income and expenses      (8,893)       (8,893)              
     203,577    (1,944,592)   1,756,336    15,321   234,084    (1,358,915)   1,044,556   (80,275)

Consolidated Information:

 

(1)Financial investments: Refers mainly to investments in Usiminas shares, cash and cash equivalents and Bonds with Banco Fibra and government bonds and CDBs with the exclusive funds.

 

(2)Accounts receivables: Refers mainly to sales transactions of steel products from the Company to related parties.

 

(3)Dividends receivable: In the Consolidated, it refers to dividends from MRS Logística in the amount of R$106,747 on December 31, 2023 (R$77,377 on December 31, 2022).

 

(4)Loans (Assets):

Long term: refers mainly to loan agreements with Transnordestina Logística R$1,646,264 (R$1,384,773 as of December 31, 2022) with an average rate of 125.0% to 130.0% of CDI.

 

(5)Others (Assets): refers advance for future capital increase with Transnordestina Logística S.A. of R$1,792,579 as of December 31, 2023 (R$1,484,759 as of December 31, 2022).

 

(6)Borrowings (Liabilities):

Foreign currency: In the Parent Company these are intercompany contracts amounting to R$9.409,992 as of December 31, 2023 ((R$ 10,027,851 as of December 31, 2022).

 

22.c)Other unconsolidated related parties

 

·CBS Previdência

 

The Company is its main sponsor, being a not-for-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.

 

 

22.d)Key management personnel

 

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, 2023 and 2022.

 

 

 

             
    12/31/2023   12/31/2022   12/31/2021
    P&L
Short-term benefits for employees and officers    62,478    52,001    46,747
Post-employment benefits   450   266   192
Total compensation of personnel     62,928    52,267    46,939

 

22.e)Guarantees

 

The Company is liable for guarantees of its subsidiaries and jointly controlled entities as follows:

 

                                       
  Currency   Maturities   Borrowings Tax foreclosure   Others Total
          12/31/2023   12/31/2022   12/31/2023   12/31/2022   12/31/2023   12/31/2022   12/31/2023   12/31/2022
Transnordestina Logísitca R$   Up to 09/19/2056 and Indefinite   3,695,183    2,096,291    10,029    9,365   4,235   3,853    3,709,447    2,109,509
Group subsidiaries R$   Up to 12/21/2024 and indefinite   1,903,235         197   131,920   2,163    2,035,155    2,360
CSN Mineração R$   Up to 12/21/2024       540,946                   540,946
Total in R$         5,598,418    2,637,237    10,029    9,562   136,155   6,016    5,744,602    2,652,815
                                       
CSN Inova Ventures US$   01/28/2028   1,300,000    1,300,000                1,300,000    1,300,000
CSN Resources US$   Up to 04/17/2026   1,530,000    1,150,000                1,530,000    1,150,000
                                       
CSN Cimentos US$   Indefinite   115,000   115,000               115,000   115,000
                                       
Total in US$         2,945,000    2,565,000                2,945,000    2,565,000
                                       
Lusosider Aços Planos EUR   Indefinite             75,000   75,000    75,000    75,000
Total in EUR                   75,000   75,000    75,000    75,000
Total in R$         14,257,629    13,867,929       401,370   396,780    14,658,999    14,264,709
          19,856,047    16,505,166    10,029    9,562   537,525   402,796    20,403,601    16,917,524

 

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.