Kudremukh Iron
Ore Company Ltd. (KIOCL), a public sector undertaking of the
Steel Ministry has achieved a net profit of Rs. 61.14 crore
and gross margin of Rs. 122.19 crore during the period April-December
2002 crossing the targets by 57 per cent and 30 per cent respectively.
These achievements compare well against the performance of the
corresponding period of last year. The Minister for Steel Shri
Braja Kishore Tripathy appreciated the company's excellent financial
progress, while reviewing today its performance during the first
three-quarters of this fiscal.
KIOCL's export
of pellets during this period has been up by 14 per cent than
that of the same period last year. But the export of concentrates
has come down by 26 per cent. During these nine months the company
had produced 3.69 million tonnes of concentrates and 2.49 million
tonnes of pellets, 92 per cent and 97 per cent of the targets
respectively. The production of pellets during the period has
gone up by 8.7 per cent than the corresponding period of last
year.
The Minister asked
KIOCL to face the immediate challenges following the non-renewal
of its mining lease beyond 2005. He suggested that the company
must obtain legal advice on filing a review petition before
the Supreme Court on renewal of lease. He also asked the company
to draw short term and long term plans for exploitation of ore
in other states.
Shri Tripathy also
reviewed the performance of Metal Scrap Trading Corporation
(MSTC) during these nine months. It has shown better performance
during the period April-December 2002 both in physical and financial
terms. He was happy to know that the net profit of the company
during the period has been more than three times than that of
the corresponding period of last year. He asked its subsidiary
Ferro Scrap Nigam Limited (FSNL) to improve its physical and
financial performance during the last quarter and make up its
short fall.
