v3.26.1
FINANCIAL INCOME/(EXPENSE) (Details) - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financial income      
 Related parties  R$ 311,335 R$ 245,336 R$ 225,149
 Income from financial investments  1,034,063 952,779 826,028
 Updated shares – Fair value through profit or loss      308,309
 Dividends receivable  7,663 2,512 52,516
 Interest and fines  69,934 77,480 82,634
 Other income  93,812 119,956 161,111
Total financial income  1,516,807 1,398,063 1,655,747
Financial expenses      
Borrowings and financing - foreign currency (2,221,823) (2,334,763) (1,567,508)
Borrowings and financing - local currency (2,092,298) (1,895,650) (2,096,805)
Capitalized interest  403,302 206,764 182,799
Updated shares – Fair value through profit or loss (57,562) (632,612)  
Related parties (4,528) (6,602) (8,249)
Lease liabilities (105,771) (94,034) (76,514)
Interest and fines (186,329) (119,765) (146,222)
Interest on forfaiting operations (184,692) (363,538) (465,574)
(-) Adjusted present value of trade payables (493,244) (354,027) (353,774)
Commission, bank fees, guarantee and bank fees (193,304) (373,859) (199,505)
PIS/COFINS over financial income (79,483) (122,263) (87,144)
Other financial expenses (1,236,843) (873,918) (533,581)
Total financial expenses  (6,452,575) (6,964,267) (5,352,077)
Others financial items, net      
Foreign exchange and monetary variation, net (1,340,576) 483,489 (524,302)
Gains and (losses) on exchange derivatives (*) (218,503) (750,102) 69,250
Exchange rate fluctuations in iron ore (1,345) 19,445  
Total others financial items, net (1,560,424) (247,167) (455,052)
Financial income (expenses) (8,012,999) (7,211,434) (5,807,129)
Financial income (expenses), net (6,496,192) (5,813,371) (4,151,382)
(*) Statement of gains and (losses) on derivative transactions (note 15.c)      
Exchange rate swap Real x Dollar (180,672) 188,364 (96,602)
Exchange rate swap Dollar x Euro      9,567
Interest rate swap CDI x IPCA (69,762) (791,937) 112,694
Exchange rate swap CDI x Dollar  31,931 (146,529) 43,591
Total R$ (218,503) R$ (750,102) R$ 69,250