INVESTMENTS

12 Months Ended

Dec. 31, 2017

INVESTMENTS

INVESTMENTS

NOTE 9 — INVESTMENTS

	Joint ventures								Associate companies
	Joint ventures North America		Gerdau Corsa S.A.P.I. de C.V.		Gerdau Metaldom Corp.		Gerdau Summit Aços Fundidos e Forjados S.A. (note 3.2)	Diaco S.A.	Dona Francisca Energética S.A.		Armacero Ind. Com. Ltda.		Corsa Controladora S.A. de C.V.		Corporación Centro Americana del Acero, S.A.		Others		Total
Balance as of January 1, 2015	40,152		109,930		364,281		—	—	124,211		20,251		298,409		435,568		1,581		1,394,383
Equity in earnings	14,432		(88,690	)	38,485		—	—	11,725		(1,933	)	(7,574	)	9,053		—		(24,502	)
Cumulative Translation Adjustment	11,265		27,021		173,079		—	—	—		2,611		68,733		134,749		503		417,961
Capital increase	—		40,524		—		—	—	—		—		—		—		—		40,524
Impairment of assets	—		—		—		—	—	—		—		—		(361,786	)	—		(361,786	)
Control acquisition	—		—		—		—	—	—		(20,929	)	—		—		—		(20,929	)
Dividends/Interest on equity	(5,116	)	—		—		—	—	(46,341	)	—		—		(1,312	)	—		(52,769	)
Balance as of December 31, 2015	60,733		88,785		575,845		—	—	89,595		—		359,568		216,272		2,084		1,392,882
Equity in earnings	13,533		(96,306	)	16,362		—	—	17,780		—		12,155		23,705		—		(12,771	)
Cumulative Translation Adjustment	(9,492	)	(11,748	)	(88,051	)	—	—	—		—		(105,420	)	(36,134	)	(350	)	(251,195	)
Effect of selling of subsidiary (note 3.4)	—		—		—		—	—	—		—		—		(203,843	)	(1,734	)	(205,577	)
Dividends/Interest on equity	(8,282	)	—		(99,634	)	—	—	(16,579	)	—		—		—		—		(124,495	)
Balance as of December 31, 2016	56,492		(19,269	)	404,522		—	—	90,796		—		266,303		—		—		798,844
Equity in earnings	5,725		(110,773	)	33,505		15,460	8,048	19,971		—		(6,533	)	—		—		(34,597	)
Cumulative Translation Adjustment	5,081		(33,078)		(7,606	)	—	1,346	—		—		17,512		—		—		(16,745	)
Capital increase	—		178,670		—		184,187	—	—		—		—		—		—		362,857
Joint venture creation (note 3.2)	—		—		—		—	145,084	—		—		—		—		—		145,084
Contingent price complement	—		—		—		—	—	65,500		—		—		—		—		65,500
Dividends/Interest on equity	(14,050	)	—		—		—	—	(26,594	)	—		—		—		—		(40,644	)
Balance as of December 31, 2017	53,248		15,550		430,421		199,647	154,478	149,673		—		277,282		—		—		1,280,299