Mr Beni Prasad Verma union minister of steel has reviewed the performance of KIOCL Limited for the first quarter of the year 2011-12. Mr K Ranganath CMD of KIOCL apprised the performance of the company and highlighted its significant achievements and challenges before the company.

The company despite not having any captive mines and despite depending on procured iron ore fines from NMDC, made a production of 369,000 tonnes of pellets during first quarter of current financial year against the target of 516,000 tonnes. The company earned a profit before tax of INR 20.30 crores against the MOU projected loss of INR 1.96 crore.

The company has shown keen commitment to various social causes through its corporate social initiatives measures such as aid to educational institution, health care, community development and building talent.

The company has also undertaken various measures for increasing production and technology up gradation which includes installation of Pressure Filters, Derrick Screening Systems and Construction of Storage Silo. In addition, major capacity expansion program like setting up Ductile Iron Spun Pipe Plant, Coke Oven Battery Project have been undertaken.

Mr K Ranganath also cited various challenges before KIOCL which included allocation of captive mines, ensuring uninterrupted water supply to the pellet plant at Mangalore and gainful utilization of mining and beneficiation assets held by the company.

The CMD has thanked the minister for timely interventions and guidance which have helped the company to move out of difficult situations faced in the recent past.