| Disclosure of Interest in Non-Consolidated Companies |
| | | | | | | | | | | | | | | | | As of December 31, | | | 2025 | | 2024 | | | | | | | At the beginning of the year | | 468,516 | | | 517,265 | | | | | | | | | | | | | | | | | | Equity in earnings of non-consolidated companies | | 85,641 | | | 69,108 | | | Other comprehensive income and other effects | | 42,282 | | | (90,795) | | | Dividends from non-consolidated companies (1) | | (33,744) | | | (27,062) | | | | | | | | | | | | | | | | | | At the end of the year | | 562,695 | | | 468,516 | | | | | | |
(1) Mainly related to dividends from Unigal Usiminas Ltda. and MRS Logística S.A.
The principal investments in non-consolidated companies, all of which are unlisted, are: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Country of incorporation | | Main activity | | Voting rights at | | Value at | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | December 31, 2025 | | December 31, 2024 | | | | | | | | | | | | | | | Techgen S.A. de C.V. | | Mexico | | Provision of electric power | | 48.00 | % | | 48.00 | % | | 161,315 | | | 130,433 | | | Unigal Usiminas Ltda. | | Brazil | | Manufacturing and selling of steel products | | 70.00 | % | | 70.00 | % | | 108,056 | | | 98,280 | | | MRS Logística S.A | | Brazil | | Logistical services | | 11.48 | % | | 11.48 | % | | 254,267 | | | 203,778 | | | Other non-consolidated companies (1) | | | | | | | | | | 39,057 | | | 36,025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 562,695 | | | 468,516 | |
(1) It includes the investments held in Finma S.A.I.F., Recrotek S.R.L. de C.V., Gas Industrial de Monterrey S.A. de C.V., Modal Terminal de Graneis Ltda., Usiroll – Usiminas Court Tecnologia em Acabamento Superficial Ltda, Codeme Engenharia S.A, Terminal de Cargas Paraopeba Ltda. and Terminal de Cargas Sarzedo Ltda. |