Segment and geographical information (Tables)

12 Months Ended

Dec. 31, 2011

Segment and geographical information

Schedule of performance by each segment

	Three-month period ended (unaudited)
	December 31, 2011												September 30, 2011												December 31, 2010
	Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated		Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated		Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated
RESULTS
Gross revenues	10,984		2,361		856		420		134		14,755		12,763		2,287		1,037		503		151		16,741		10,875		3,019		768		334		211		15,207
Cost and expenses	(4,139	)	(1,661	)	(653	)	(386	)	(196	)	(7,035	)	(3,844	)	(1,627	)	(798	)	(396	)	(245	)	(6,910	)	(3,522	)	(2,051	)	(682	)	(278	)	(133	)	(6,666	)
Research and development	(219	)	(141	)	(38	)	(33	)	(98	)	(529	)	(188	)	(100	)	(32	)	(37	)	(83	)	(440	)	(103	)	(109	)	(39	)	(30	)	(20	)	(301	)
Depreciation, depletion and amortization	(536	)	(486	)	(83	)	(61	)	(2	)	(1,168	)	(439	)	(379	)	(129	)	(64	)	(7	)	(1,018	)	(424	)	(480	)	(128	)	(41	)	—		(1,073	)
Operating income	6,090		73		82		(60	)	(162	)	6,023		8,292		181		78		6		(184	)	8,373		6,826		379		(81	)	(15	)	58		7,167
Financial Result	(502	)	58		1		(23	)	(4	)	(470	)	(3,142	)	(20	)	(78	)	(149	)	(4	)	(3,393	)	176		(55	)	13		(18	)	(401	)	(285	)
Change in provision for losses on equity investments	250		(12	)	—		24		(95	)	167		248		118		—		32		(116	)	282		403		9		—		32		(141	)	303
Income taxes	(877	)	(219	)	(47	)	(4	)	—		(1,147	)	(224	)	(106	)	(13	)	(8	)	—		(351	)	(1,268	)	125		(9	)	9		6		(1,137	)
Noncontrolling interests	50		50		(12	)	—		11		99		52		(9	)	(22	)	—		3		24		(2	)	(144	)	19		—		(4	)	(131	)
Net income attributable to the Company’s stockholders	5,011		(50	)	24		(63	)	(250	)	4,672		5,226		164		(35	)	(119	)	(301	)	4,935		6,135		314		(58	)	8		(482	)	5,917
Sales classified by geographic destination:
Foreign market
America, except United States	292		371		—		—		8		671		331		289		24		—		13		657		285		471		12		—		6		774
United States	42		299		—		—		—		341		46		403		—		—		—		449		30		303		—		—		—		333
Europe	1,774		729		45		—		19		2,567		2,552		553		48		—		14		3,167		1,866		798		4		—		13		2,681
Middle East/Africa/Oceania	493		43		1		—		—		537		452		34		—		—		—		486		531		88		11		—		—		630
Japan	1,709		292		—		—		2		2,003		1,658		277		—		—		2		1,937		1,240		420		—		—		2		1,662
China	4,287		308		—		—		20		4,615		5,612		271		—		—		44		5,927		4,865		380		—		—		22		5,267
Asia, other than Japan and China	1,256		259		19		—		—		1,534		693		440		—		—		—		1,133		867		482		8		—		7		1,364
Brazil	1,131		60		791		420		85		2,487		1,419		20		965		503		78		2,985		1,191		77		733		334		161		2,496
	10,984		2,361		856		420		134		14,755		12,763		2,287		1,037		503		151		16,741		10,875		3,019		768		334		211		15,207

Operating segment

	Three-month period ended in December 31, 2011 (unaudited)
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment	Investments
Bulk Material
Iron ore	8,483	(111	)	8,372	(2,673	)	5,699		(365	)	5,334		32,944	2,959	112
Pellets	1,992	(56	)	1,936	(854	)	1,082		(72	)	1,010		2,074	199	997
Manganese	31	(2	)	29	(58	)	(29	)	(4	)	(33	)	81	135	—
Ferroalloys	115	(9	)	106	(93	)	13		(11	)	2		252	6	—
Coal	363	—		363	(502	)	(139	)	(84	)	(223	)	4,081	346	239
	10,984	(178	)	10,806	(4,180	)	6,626		(536	)	6,090		39,432	3,645	1,348
Base Metals
Nickel and other products (*)	2,032	—		2,032	(1,515	)	517		(463	)	54		29,097	979	11
Copper (**)	329	(5	)	324	(282	)	42		(23	)	19		4,178	598	234
Aluminum products	—	—		—	—		—		—		—		—	—	3,371
	2,361	(5	)	2,356	(1,797	)	559		(486	)	73		33,275	1,577	3,616
Fertilizers
Potash	77	(4	)	73	(83	)	(10	)	(12	)	(22	)	2,137	222	—
Phosphates	566	(18	)	548	(432	)	116		(71	)	45		6,430	2	—
Nitrogen	199	(26	)	173	(125	)	48		—		48		896	10	—
Others fertilizers products	14	(3	)	11	—		11		—		11		364	—	—
	856	(51	)	805	(640	)	165		(83	)	82		9,827	234	—
Logistics
Railroads	300	(62	)	238	(260	)	(22	)	(45	)	(67	)	1,307	57	551
Ports	120	(10	)	110	(87	)	23		(16	)	7		576	210	—
Ships	—	—		—	—		—		—		—		2,485	64	114
	420	(72	)	348	(347	)	1		(61	)	(60	)	4,368	331	665
Others	134	(22	)	112	(272	)	(160	)	(2	)	(162	)	1,993	284	2,464
	14,755	(328	)	14,427	(7,236	)	7,191		(1,168	)	6,023		88,895	6,071	8,093

(*) Includes nickel co-products and by-products (copper, precious metals, cobalt and others).

(**) Includes copper concentrate.

Operating segment

	Three-month period ended in September 30, 2011 (unaudited)
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment	Investments
Bulk Material
Iron ore	10,136	(139	)	9,997	(2,500	)	7,497		(349	)	7,148		30,800	2,014	104
Pellets	2,158	(76	)	2,082	(789	)	1,293		(57	)	1,236		1,951	72	896
Manganese	45	(2	)	43	(60	)	(17	)	(2	)	(19	)	58	1	—
Ferroalloys	139	(12	)	127	(107	)	20		(16	)	4		228	13	—
Coal	285	—		285	(347	)	(62	)	(15	)	(77	)	3,727	189	290
	12,763	(229	)	12,534	(3,803	)	8,731		(439	)	8,292		36,764	2,289	1,290
Base Metals
Nickel and other products (*)	2,005	—		2,005	(1,482	)	523		(360	)	163		28,128	674	3
Copper (**)	282	—		282	(245	)	37		(19	)	18		3,759	110	132
Aluminum products	—	—		—	—		—		—		—		—	—	3,726
	2,287	—		2,287	(1,727	)	560		(379	)	181		31,887	784	3,861
Fertilizers
Potash	80	(3	)	77	(97	)	(20	)	(8	)	(28	)	1,864	10	—
Phosphates	707	(27	)	680	(516	)	164		(77	)	87		6,130	91	—
Nitrogen	217	(29	)	188	(154	)	34		(44	)	(10	)	1,220	125	—
Others fertilizers products	33	(4	)	29	—		29		—		29		375	—	—
	1,037	(63	)	974	(767	)	207		(129	)	78		9,589	226	—
Logistics
Railroads	359	(61	)	298	(270	)	28		(52	)	(24	)	1,296	54	502
Ports	144	(15	)	129	(87	)	42		(12	)	30		522	77	—
Ships	—	—		—	—		—		—		—		1,519	81	119
	503	(76	)	427	(357	)	70		(64	)	6		3,337	212	621
Others	151	(12	)	139	(316	)	(177	)	(7	)	(184	)	2,696	200	2,065
	16,741	(380	)	16,361	(6,970	)	9,391		(1,018	)	8,373		84,273	3,711	7,837

(*) Includes nickel co-products and by-products (copper, precious metals, cobalt and others).

(**) Includes copper concentrate.

Operating segment

	Three-month period ended in December 31, 2010 (unaudited)
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment		Investments
Bulk Material
Iron ore	8,477	(101	)	8,376	(2,275	)	6,101		(360	)	5,741		30,412	831		107
Pellets	1,927	(55	)	1,872	(785	)	1,087		(29	)	1,058		1,445	87		1,058
Manganese	44	(2	)	42	(33	)	9		(4	)	5		24	2		—
Ferroalloys	186	(14	)	172	(81	)	91		(7	)	84		292	16		—
Coal	241	—		241	(279	)	(38	)	(24	)	(62	)	3,020	289		223
	10,875	(172	)	10,703	(3,453	)	7,250		(424	)	6,826		35,193	1,225		1,388
Base Metals
Nickel and other products (*)	2,017	—		2,017	(1,346	)	671		(454	)	217		28,623	724		23
Copper (**)	311	(11	)	300	(201	)	99		(25	)	74		3,579	(25	)	90
Aluminum products	691	(4	)	687	(598	)	89		(1	)	88		395	216		152
	3,019	(15	)	3,004	(2,145	)	859		(480	)	379		32,597	915		265
Fertilizers
Potash	73	—		73	(131	)	(58	)	(7	)	(65	)	474	348		—
Phosphates	541	(12	)	529	(443	)	86		(79	)	7		7,560	188		—
Nitrogen	151	(19	)	132	(115	)	17		(42	)	(25	)	809	1		—
Others fertilizers products	3	(1	)	2	—		2		—		2		146	3		—
	768	(32	)	736	(689	)	47		(128	)	(81	)	8,989	540		—
Logistics
Railroads	262	(39	)	223	(190	)	33		(37	)	(4	)	1,278	71		511
Ports	72	(8	)	64	(71	)	(7	)	(7	)	(14	)	297	22		—
Ships	—	—		—	—		—		3		3		747	747		135
	334	(47	)	287	(261	)	26		(41	)	(15	)	2,322	840		646
Others	211	(12	)	199	(141	)	58		—		58		3,995	1,222		2,198
	15,207	(278	)	14,929	(6,689	)	8,240		(1,073	)	7,167		83,096	4,742		4,497

(*) Includes nickel co-products and by-products (copper, precious metals, cobalt and others).

(**) Includes copper concentrate.

Results by segment

	Year ended as of
	December 31, 2011												December 31, 2010												December 31, 2009
	Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated		Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated		Bulk Material		Base Metals		Fertilizers		Logistic		Others		Consolidated
RESULTS
Gross revenues	44,948		9,627		3,547		1,726		541		60,389		34,478		8,200		1,845		1,465		493		46,481		15,205		6,679		413		1,104		538		23,939
Cost and expenses	(14,466	)	(6,350	)	(2,753	)	(1,467	)	(958	)	(25,994	)	(11,589	)	(5,916	)	(1,669	)	(1,120	)	(354	)	(20,648	)	(7,127	)	(5,580	)	(158	)	(812	)	(502	)	(14,179	)
Research and development	(649	)	(413	)	(104	)	(121	)	(387	)	(1,674	)	(289	)	(277	)	(72	)	(75	)	(165	)	(878	)	(235	)	(207	)	(46	)	(57	)	(436	)	(981	)
Gain on sale of assets	—		1,513		—		—		—		1,513		—		—		—		—		—		—		—		—		—		—		—		—
Depreciation, depletion and amortization	(1,847	)	(1,572	)	(458	)	(229	)	(16	)	(4,122	)	(1,536	)	(1,359	)	(200	)	(146	)	(19	)	(3,260	)	(1,205	)	(1,322	)	(29	)	(126	)	(40	)	(2,722	)
Operating income	27,986		2,805		232		(91	)	(820	)	30,112		21,064		648		(96	)	124		(45	)	21,695		6,638		(430	)	180		109		(440	)	6,057
Financial result	(2,966	)	(1	)	(55	)	(207	)	(84	)	(3,313	)	(332	)	(80	)	32		(43	)	(958	)	(1,381	)	625		369		—		24		8		1,026
Discontinued operations, net of tax	—		—		—		—		—		—		—		(143	)	—		—		—		(143	)	—		—		—		—		—		—
Gain (loss) on sale of investments	—		—		—		—		—		—		—		—		—		—		—		—		87		(108	)	—		—		61		40
change in provision for losses on equity investments	1,095		101		—		125		(186	)	1,135		1,013		(10	)	—		94		(110	)	987		328		(28	)	—		143		(10	)	433
Income taxes	(4,202	)	(954	)	(114	)	(12	)	—		(5,282	)	(3,980	)	240		(12	)	20		27		(3,705	)	(2,613	)	525		—		(11	)	(1	)	(2,100	)
Noncontrolling interests	105		88		(31	)	—		71		233		5		(209	)	19		—		(4	)	(189	)	17		(121	)	—		—		(3	)	(107	)
Net income attributable to the Company’s stockholders	22,018		2,039		32		(185	)	(1,019	)	22,885		17,770		446		(57	)	195		(1,090	)	17,264		5,082		207		180		265		(385	)	5,349
Sales classified by geographic destination:
Foreign market
America, except United States	1,168		1,380		44		—		21		2,613		792		1,170		32		12		4		2,010		296		942		—		3		11		1,252
United States	98		1,571		1		—		2		1,672		73		740		—		—		15		828		15		744		—		—		73		832
Europe	8,766		2,456		153		—		62		11,437		6,797		2,067		4		—		44		8,912		2,184		1,755		—		—		97		4,036
Middle East/Africa/Oceania	1,743		150		1		—		1		1,895		1,562		217		11		—		—		1,790		413		118		—		—		—		531
Japan	5,987		1,243		—		—		8		7,238		3,859		1,371		—		—		10		5,240		1,473		913		—		—		26		2,412
China	18,237		1,235		—		—		99		19,571		14,432		923		—		—		24		15,379		8,171		821		—		—		11		9,003
Asia, other than Japan and China	3,619		1,394		35		—		1		5,049		2,710		1,445		8		—		9		4,172		1,074		1,107		—		—		37		2,218
Brazil	5,330		198		3,313		1,726		347		10,914		4,253		267		1,790		1,453		387		8,150		1,579		279		413		1,101		283		3,655
	44,948		9,627		3,547		1,726		541		60,389		34,478		8,200		1,845		1,465		493		46,481		15,205		6,679		413		1,104		538		23,939

Results by segment

	Year ended as of December 31, 2011
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment	Investments
Bulk Material
Iron ore	35,008	(494	)	34,514	(9,066	)	25,448		(1,418	)	24,030		32,944	7,409	112
Pellets	8,150	(266	)	7,884	(3,261	)	4,623		(196	)	4,427		2,074	624	997
Manganese	171	(8	)	163	(187	)	(24	)	(15	)	(39	)	81	137	—
Ferroalloys	561	(48	)	513	(407	)	106		(54	)	52		252	40	—
Coal	1,058	—		1,058	(1,378	)	(320	)	(164	)	(484	)	4,081	1,141	239
	44,948	(816	)	44,132	(14,299	)	29,833		(1,847	)	27,986		39,432	9,351	1,348
Base Metals
Nickel and other products (*)	8,118	—		8,118	(5,558	)	2,560		(1,487	)	1,073		29,097	2,637	11
Copper (**)	1,126	(23	)	1,103	(873	)	230		(84	)	146		4,178	1,226	234
Aluminum products	383	(5	)	378	(304	)	74		(1	)	73		—	16	3,371
	9,627	(28	)	9,599	(6,735	)	2,864		(1,572	)	1,292		33,275	3,879	3,616
Fertilizers
Potash	287	(14	)	273	(315	)	(42	)	(45	)	(87	)	2,137	532	—
Phosphates	2,395	(95	)	2,300	(1,760	)	540		(297	)	243		6,430	316	—
Nitrogen	782	(103	)	679	(557	)	122		(116	)	6		896	180	—
Others fertilizers products	83	(13	)	70	—		70		—		70		364	—	—
	3,547	(225	)	3,322	(2,632	)	690		(458	)	232		9,827	1,028	—
Logistics
Railroads	1,265	(222	)	1,043	(1,003	)	40		(179	)	(139	)	1,307	213	551
Ports	461	(48	)	413	(315	)	98		(50	)	48		576	347	—
Ships	—	—		—	—		—		—		—		2,485	308	114
	1,726	(270	)	1,456	(1,318	)	138		(229	)	(91	)	4,368	868	665
Others	541	(60	)	481	(1,285	)	(804	)	(16	)	(820	)	1,993	949	2,464
Gain on sale of assets	—	—		—	1,513		1,513		—		1,513		—	—	—
	60,389	(1,399	)	58,990	(24,756	)	34,234		(4,122	)	30,112		88,895	16,075	8,093

(*) Includes nickel co-products and by-products (copper, precious metals, cobalt and others).

(**) Includes copper concentrate.

Results by segment

	Year ended as of December 31, 2010
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment	Investments
Bulk Material
Iron ore	26,384	(366	)	26,018	(7,364	)	18,654		(1,307	)	17,347		30,412	4,015	107
Pellets	6,402	(266	)	6,136	(2,515	)	3,621		(110	)	3,511		1,445	353	1,058
Manganese	258	(7	)	251	(136	)	115		(10	)	105		24	2	—
Ferroalloys	664	(62	)	602	(306	)	296		(26	)	270		292	26	—
Coal	770	—		770	(856	)	(86	)	(83	)	(169	)	3,020	499	223
	34,478	(701	)	33,777	(11,177	)	22,600		(1,536	)	21,064		35,193	4,895	1,388
Base Metals
Nickel and other products (*)	4,712	—		4,712	(3,402	)	1,310		(1,145	)	165		28,623	1,880	23
Copper (**)	934	(29	)	905	(621	)	284		(87	)	197		3,579	1,072	90
Aluminum products	2,554	(32	)	2,522	(2,109	)	413		(127	)	286		395	342	152
	8,200	(61	)	8,139	(6,132	)	2,007		(1,359	)	648		32,597	3,294	265
Fertilizers
Potash	280	(11	)	269	(269	)	—		(29	)	(29	)	474	355	—
Phosphates	1,211	(47	)	1,164	(1,070	)	94		(121	)	(27	)	7,560	438	—
Nitrogen	337	(43	)	294	(285	)	9		(50	)	(41	)	809	47	—
Others fertilizers products	17	(5	)	12	(11	)	1		—		1		146	3	—
	1,845	(106	)	1,739	(1,635	)	104		(200	)	(96	)	8,989	843	—
Logistics
Railroads	1,107	(183	)	924	(716	)	208		(123	)	85		1,278	160	511
Ports	353	(47	)	306	(236	)	70		(23	)	47		297	36	—
Ships	5	—		5	(13	)	(8	)	—		(8	)	747	747	135
	1,465	(230	)	1,235	(965	)	270		(146	)	124		2,322	943	646
Others	493	(90	)	403	(429	)	(26	)	(19	)	(45	)	3,995	2,672	2,198
	46,481	(1,188	)	45,293	(20,338	)	24,955		(3,260	)	21,695		83,096	12,647	4,497

(*) Includes nickel co-products and by-products (copper, precious metals, cobalt and others).

(**) Includes copper concentrate.

Results by segment

	Year ended as of December 31, 2009
	Revenue	Value added tax		Net revenues	Cost and expenses		Operating profit		Depreciation, depletion and amortization		Operating income		Property, plant and equipment	Additions to property, plant and equipment	Investments
Bulk Material
Iron ore	12,831	(172	)	12,659	(4,956	)	7,703		(1,044	)	6,659		21,736	3,361	107
Pellets	1,352	(92	)	1,260	(1,165	)	95		(76	)	19		947	84	1,050
Manganese	145	(2	)	143	(103	)	40		(9	)	31		25	4	—
Ferroalloys	372	(45	)	327	(278	)	49		(15	)	34		261	112	—
Coal	505	—		505	(549	)	(44	)	(61	)	(105	)	1,723	362	243
	15,205	(311	)	14,894	(7,051	)	7,843		(1,205	)	6,638		24,692	3,923	1,400
Base Metals
Nickel and other products (*)	3,947	—		3,947	(3,292	)	655		(1,016	)	(361	)	23,967	1,464	30
Copper (**)	682	(19	)	663	(470	)	193		(71	)	122		4,127	558	80
Aluminum products	2,050	(37	)	2,013	(1,969	)	44		(235	)	(191	)	4,663	143	143
	6,679	(56	)	6,623	(5,731	)	892		(1,322	)	(430	)	32,757	2,165	253
Fertilizers
Potash	413	(17	)	396	(187	)	209		(29	)	180		159	—	—
	413	(17	)	396	(187	)	209		(29	)	180		159	—	—
Logistics
Railroads	838	(137	)	701	(524	)	177		(97	)	80		1,045	96	468
Ports	264	(38	)	226	(161	)	65		(29	)	36		1,441	106	—
Ships	2	—		2	(9	)	(7	)	—		(7	)	1,104	738	125
	1,104	(175	)	929	(694	)	235		(126	)	109		3,590	940	593
Others	538	(69	)	469	(869	)	(400	)	(40	)	(440	)	6,439	1,068	2,339
	23,939	(628	)	23,311	(14,532	)	8,779		(2,722	)	6,057		67,637	8,096	4,585