Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2011

Derivative financial instruments

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

	Assets				Liabilities
	December 31, 2011		December 31, 2010		December 31, 2011		December 31, 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. USD fixed and floating rate swap	410	60	—	300	49	590	—	—
EURO floating rate vs. USD floating rate swap	—	—	1	—	—	—	—	—
USD floating rate vs. fixed USD rate swap	—	—	—	—	—	—	4	—
EuroBond Swap	—	—	—	—	4	32	—	8
Pre Dollar Swap	19	—	—	1	—	41	—	—
AUD floating rate vs. fixed USD rate swap	—	—	2	—	—	—	—	—
Treasury future	—	—	—	—	5	—	—	—
	429	60	3	301	58	663	4	8
Commodities price risk
Nickel
Fixed price program	1	—	13	—	1	—	12	—
Purchase program	—	—	—	—	—	—	15	—
Bunker Oil Hedge	4	—	16	—	—	—	—	—
Coal	—	—	—	—	—	—	2	—
Maritime Freight Hiring Protection Program	—	—	—	—	—	—	2	—
	5	—	29	—	1	—	31	—
Embedded derivatives:
Derivatives designated as hedge
Strategic Nickel	161	—	—	—	14	—	—	53
Foreign exchange cash flow hedge	—	—	20	—	—	—	—	—
	161	—	20	—	14	—	—	53
Total	595	60	52	301	73	663	35	61

Effects of derivatives

	Amount of gain or (loss) recognized as financial income (expense)												Financial settlement (Inflows)/ Outflows												Amount of gain or (loss) recognized in OCI
	Three-month period ended (unaudited)						Year ended as of December 31,						Three-month period ended (unaudited)						Year ended as of December 31,						Three-month period ended (unaudited)						Year ended as of December 31,
	December 31, 2011		September 30, 2011		December 31, 2010		2011		2010		2009		December 31,  2011		September 30, 2011		December 31, 2010		2011		2010		2009		December 31, 2011		September 30, 2011		December 31, 2010		2011		2010		2009
Derivatives not designated as hedge
Foreign exchange and interest rate risk
CDI & TJLP vs. USD fixed and floating rate swap	29		(685	)	259		(92	)	451		1,598		(114	)	(63	)	(819	)	(337	)	(956	)	(243	)	—		—		—		—		—		—
EURO floating rate vs. USD floating rate swap	—		—		—		—		(1	)	—		—		—		1		—		1		(1	)	—		—		—		—		—		—
USD floating rate vs. fixed USD rate swap	—		—		—		—		(2	)	(2	)	1		1		(2	)	4		3		8		—		—		—		—		—		—
EuroBond Swap	(24	)	(59	)	1		(30	)	(5	)	—		—		1		—		1		(1	)	—		—		—		—		—		—		—
Pre Dollar Swap	(9	)	(22	)	—		(23	)	4		—		(1	)	—		—		(1	)	(2	)	—		—		—		—		—		—		—
Swap USD fixed rate vs. CDI	(48	)	164		—		69		—		—		(99	)	31		—		(68	)	—		—		—		—		—		—		—		—
South African Rande Forward	—		(10	)	—		(8	)	—		—		—		8		—		8		—		—		—		—		—		—		—		—
AUD floating rate vs. fixed USD rate swap	—		—		1		—		3		14		—		—		(1	)	(2	)	(9	)	(5	)	—		—		—		—		—		—
Treasury Future	(12	)	—		—		(12	)	—		—		6		—		—		6		—		—		—		—		—		—		—		—
Swap Convertibles	—		—		—		—		37		—		—		—		—		—		(37	)	—		—		—		—		—		—		—
	(64	)	(612	)	261		(96	)	487		1,610		(207	)	(22	)	(821	)	(389	)	(1,001	)	(241	)	—		—		—		—		—		—
Commodities price risk
Nickel
Fixed price program	6		8		—		39		4		5		(16	)	(5	)	—		(41	)	(7	)	79		—		—		—		—		—		—
Strategic program	—		—		(2	)	15		(87	)	(95	)	—		—		39		—		105		73		—		—		—		—		—		—
Copper	—		1		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Aluminum	—		—		—		—		—		—		—		—		—		7		16		—		—		—		—		—		—		—
Bunker Oil Hedge	2		1		13		37		4		50		(12	)	(13	)	(7	)	(48	)	(34	)	(16	)	—		—		—		—		—		—
Coal	—		—		(2	)	—		(4	)	—		—		—		2		2		3		—		—		—		—		—		—		—
Maritime Freight Hiring Protection Program	—		—		5		—		(5	)	66		—		—		(11	)	2		(24	)	(37	)	—		—		—		—		—		—
Natural gas	—		—		—		—		—		(4	)	—		—		—		—		—		6		—		—		—		—		—		—
	8		10		14		92		(88	)	22		(28	)	(18	)	23		(78	)	59		105		—		—		—		—		—		—
Embedded derivatives:
For nickel concentrate costumer sales	—		—		—		—		—		(25	)	—		—		—		—		—		(14	)	—		—		—		—		—		—
Customer raw material contracts	—		—		—		—		—		(76	)	—		—		—		—		—		—		—		—		—		—		—		—
Energy - Aluminum options	—		—		(7	)	(7	)	(51	)	—		—		—		—		—		—		—		—		—		—		—		—		—
	—				(7	)	(7	)	(51	)	(101	)	—		—		—		—		—		(14	)	—		—		—		—		—		—
Derivatives designated as hedge
Bunker Oil Hedge	—		—		—		—		—		(16	)	—		—		18		—		47		4		—		—		—		—		—		—
Aluminum	—		—		—		—		—		13		—		—		—		—		—		—		—		—		7		4		31		(36	)
Strategic Nickel	84		15		1		49		(1	)	—		(83	)	(15	)	—		(48	)	—		—		(115	)	198		(25	)	211		(52	)	—
Foreign exchange cash flow hedge	18		19		204		37		284		—		(18	)	(19	)	(225	)	(50	)	(330	)	—		(25	)	(49	)	(115	)	(60	)	(5	)	38
	102		34		205		86		283		(3	)	(101	)	(34	)	(207	)	(98	)	(283	)	4		(140	)	149		(133	)	155		(26	)	2
Total	46		(568	)	473		75		631		1,528		(336	)	(74	)	(1,005	)	(565	)	(1,225	)	(146	)	(140	)	149		(133	)	155		(26	)	2

Final maturity dates

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