Indian state owned iron ore pellet producer KIOCL Limited has reported net loss of INR 43.8 crores in April-June 2022 quarter down by 80% YoY on revenue of INR 385.3 crores down by 64% YoY. KIOCL’s performance is likely to deteriorate further in JJuly-September 2022 quarter as it has shut down its 3.4 million tonne per year capacity pellet plant in Mangalore in India in June 2022 as it had been rendered unviable by the imposition of the 45% export tax.KIOCL Limited, formerly Kudremukh Iron Ore Company Limited, is a government owned iron ore producer under Steel Ministry with its head office and administrative activities in Bangalore. It has a pelletization plant in Mangalore and had an iron ore mine in Kudremukh. It was setup in 1976 for mining and beneficiation of low grade iron ore at Kudremukh in Karnataka. KIOCL is having facilities to operate 3.5 million tonne per annum iron ore pellet plant & blast furnace to manufacture 0.216 million tonnes per annum pig iron at Mangalore
Indian state owned iron ore pellet producer KIOCL Limited has reported net loss of INR 43.8 crores in April-June 2022 quarter down by 80% YoY on revenue of INR 385.3 crores down by 64% YoY. KIOCL’s performance is likely to deteriorate further in JJuly-September 2022 quarter as it has shut down its 3.4 million tonne per year capacity pellet plant in Mangalore in India in June 2022 as it had been rendered unviable by the imposition of the 45% export tax.KIOCL Limited, formerly Kudremukh Iron Ore Company Limited, is a government owned iron ore producer under Steel Ministry with its head office and administrative activities in Bangalore. It has a pelletization plant in Mangalore and had an iron ore mine in Kudremukh. It was setup in 1976 for mining and beneficiation of low grade iron ore at Kudremukh in Karnataka. KIOCL is having facilities to operate 3.5 million tonne per annum iron ore pellet plant & blast furnace to manufacture 0.216 million tonnes per annum pig iron at Mangalore
