State-owned pellet maker – KIOCL (Kudremukh Iron Ore Company Ltd) recorded third quarter FY20 sales at 0.648 MnT against the set target of 0.60 MnT. However, the pellet production was recorded at 0.59 MnT, drop as against the set guidance of 0.62 MnT. Other major highlights of its quarterly performance were:
— KIOCL recorded highest pellet export share at 82%.
–Total Revenue earned from operations was reported at INR 478.24 Crores against set target at INR 522.22 Crores.
MV Subba Rao, CMD, KIOCL Ltd. stated that “during the third quarter, iron ore market was dull due to poor steel prices both in domestic and international markets, reduction in capacity utilization by global steel players except China, excess supply of iron ore pellets etc. Due to this, Company made operating loss during October & November 2019. During the month of December 2019, it has shown a substantial improvement in profit.”
Further, with regard to the forthcoming projects of KIOCL, Mr. Rao told that the forward & backward integration at blast furnace unit i.e. setting up of 1.8 Lakh tons capacity coke oven plant and 2.0 lakh tons capacity Ductile Iron Spun Pipe Plant, the Ministry of Finance, GoI & PIB have given clearance for this project and awaiting for environmental clearance from MoEF.
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