Mr Beni Prasad Verma union minister of state for steel (Independent Charge) reviewed the performance of KIOCL Ltd. for the year 2010-11 in the Steel Room of Udyog Bhawan.

Mr K Ranganath CMD of KIOCL appraised the performance of the company and highlighted its significant achievements as well as the challenges before the Company.

KIOCL Ltd despite not having any captive mines and despite depending on procured iron ore fines from NMDC, made a record production of 2.124 million tonnes of Pellets during 2010-11 as compared to 1.273 million tonnes in 2009-10. This has been a turnaround year for KIOCL Ltd. It earned a substantial profit before tax of INR 99.95 crores and has proposed a dividend of INR 15.86 crores to the government of India during 2010-11 as against a loss of INR 194 crores during the previous financial year.

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

Mr Ranganath cited some of the challenges before KIOCL which included obtaining allotment of captive mines, ensuring uninterrupted water supply to the pellet plant at Mangalore and gainful utilization of mining and beneficiation assets held with the Company.

The export duty on pellets was reduced by the government of India to 0% from 20% with effect from 1st March 2011 which has also provided a significant boost to the company for improving its pellet sales and profitability.