Derivative financial instruments (Tables)

3 Months Ended

Mar. 31, 2011

Derivative financial instruments (Tables) [Abstract]

Assets and liabilities balances of derivatives measured at fair value and the effects of their recognition

	Assets								Liabilities
	As of March 31 (Unaudited)				As of December 31				As of March 31 (Unaudited)				As of December 31
	2011				2010				2011				2010
	Short-term		Long-term		Short-term		Long-term		Short-term		Long-term		Short-term		Long-term
Derivatives not designated as hedge
Foreign exchange and interest rate risk
CDI & TJLP vs. floating & fixed swap		—		431		—		300		—		—		—		—
EURO floating rate vs. USD floating rate swap		1		—		1		—		—		—		—		—
USD floating rate vs. fixed USD rate swap		—		—		—		—		3		—		4		—
EuroBond Swap		—		34		—		—		—		—		—		8
Pre Dollar Swap		—		3		—		1		—		—		—		—
AUD floating rate vs. fixed USD rate swap		—		—		2		—		—		—		—		—
		1		468		3		301		3		—		4		8
Commodities price risk
Fixed price program		16		—		13		—		3		—		12		—
Strategic program		—		—		—		—		—		—		15		—
Bunker Oil Hedge		40		—		16		—		—		—		—		—
Coal		—		—		—		—		—		—		2		—
Maritime Freight Hiring Protection Program		—		—		—		—		—		—		2		—
		56		—		29		—		3		—		31		—
Derivatives designated as hedge
Foreign exchange cash flow hedge		46		—		20		—		—		—		—		—
Strategic Nickel		—		—		—		—		—		61		—		53
		46		—		20		—		—		61		—		53
Total		103		468		52		301		6		61		35		61

Effects of derivatives

The following table presents the effects of derivatives for the periods ended:

	Amount of gain or (loss) recognized as financial income (expense)									Financial settlement									Amount of gain or (loss) recognized in OCI
	Three-month period ended (unaudited)									Three-month period ended (unaudited)									Three-month period ended (unaudited)
	March 31, 2011			December 31, 2010			March 31, 2010			March 31, 2011			December 31, 2010			March 31, 2010			March 31, 2011			December 31, 2010			March 31, 2010
Derivatives not designated as hedge
Foreign exchange and interest rate risk
CDI & TJLP vs. USD fixed and floating rate swap		175			259			(50	)		(48	)		(819	)		(29	)		—			—			—
EURO floating rate vs. USD floating rate swap		—			—			—			—			1			—			—			—			—
USD floating rate vs. USD fixed rate swap		—			—			(1	)		1			(2	)		2			—			—			—
Swap Convertibles		—			—			—			—			—			—			—			—			—
Swap NDF		—			—			—			—			—			—			—			—			—
EuroBond Swap		42			1			—			—			—			—			—			—			—
Pre Dollar Swap		2			—			—			—			—			—			—			—			—
AUD floating rate vs. fixed USD rate swap		—			1			2			(2	)		(1	)		(1	)		—			—			—
		219			261			(49	)		(49	)		(821	)		(28	)		—			—			—
Commodities price risk
Nickel
Fixed price program		13			—			(9	)		(1	)		—			(1	)		—			—			—
Purchase program		—			—			—			—			—			—			—			—			—
Strategic program		15			(2	)		(139	)		—			39			14			—			—			—
Natural gas		—			—			—			—			—			—			—			—			—
Aluminum		—			—			—			7			—			16			—			—			—
Maritime Freight Hiring Protection Program		—			5			(3	)		2			(11	)		(10	)		—			—			—
Coal		—			(2	)		(1	)		2			2			—			—			—			—
Bunker Oil Hedge		32			13			(6	)		(8	)		(7	)		(13	)		—			—			—
		60			14			(158	)		2			23			6			—			—			—
Embedded derivatives:
For nickel concentrate costumer sales		—			—			—			—			—			—			—			—			—
Customer raw material contracts		—			—			—			—			—			—			—			—			—
Energy — Aluminum options		(7	)		(7	)		(23	)		—			—			—			—			—			—
		(7	)		(7	)		(23	)		—			—			—			—			—			—
Derivatives designated as hedge
Bunker Oil Hedge		—			—			—			—			—			—			—			—			—
Aluminum		—			—			—			—			18			13			—			7			2
Strategic Nickel		(33	)		1			—			33			—			—			(9	)		(25	)		(53	)
Foreign exchange cash flow hedge		—			204			—			(13	)		(225	)		(4	)		14			(115	)		28
		(33	)		205			—			20			(207	)		9			5			(133	)		(23	)
Total		239			473			(230	)		(27	)		(1,005	)		(13	)		5			(133	)		(23	)

Final maturity dates

Final maturity dates for the above instruments are as follows:

Interest rates/ Currencies	December 2019
Bunker Oil	December 2011
Nickel	December 2012