AndhraNews.Net - KIOCL Q-1 production shows growth

New Delhi: August 21, 2003

Kudremukh Iron Ore Company Limited (KIOCL) a public sector unit of the Steel Ministry produced 13.35 lakh tonnes concentrate and 9.53 lakh tonnes of pellets during the first quarter of this fiscal crossing targets by 3 and 4 per cent respectively. The production of concentrate has been 8 per cent more than the production of 12.35 lakh tonnes during the corresponding period last year. Pellets production during the period has also marginally increased. This information was given to the Minister for Steel Shri Braja Kishore Tripathy who was reviewing today the first quarter performance of the company.

Shri Tripathy was informed that KIOCL exported 2.42 lakh tonnes of concentrates and 8.98 lakh tonnes of pellets during the quarter crossing the target by 73 per cent and 8 per cent respectively. It made a profit of Rs. 26.09 crore during this quarter with a growth of 22 per cent over the profit of Rs. 21.38 crore during the corresponding period last year. Its sales turnover of Rs. 180.32 crore during the quarter also crossed the target by 29 per cent.

The Minister asked the company to increase sales as the market conditions are favourable this year. He asked to conduct a study to determine the optimum manpower for both KIOCL and KISCO within a specific time limit. The Minister desired that KIOCL should work out an action plan for their long term and short term strategies consequent to the Supreme Court judgement on extension of lease. The Chairman-cum-Managing director of KIOCL Shri P.Ganesan briefed regarding steps taken by the company to check pollution and maintain ecological balance in the area. He said that the company is trying its best to break even during this fiscal.

Press Release by: PIB/DS:RS

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