Steel Minister Reviews Annual Performance of KIOCL and HSCL for 2011-12

Beni Prasad Verma

The Union Minister of Steel, Shri Beni Prasad Verma reviewed the performance of Kudremukh Iron Ore Company Ltd (KIOCL) and Hindustan Steelworks Construction Ltd. (HSCL) for the year 2011-12.

The CMD, KIOCL Shri Malay Chaterjee, made a presentation about the performance of the Company and highlighted its achievements and the challenges. The company has achieved 15% bottom line growth in spite of low volume of production & sales in comparison to previous year (re: Karnataka Mining ban). The company also paid a dividend of Rs.18.84 crore for financial year 2011-12. KIOCL is exploring the possibility of acquiring mines in India and abroad. The Company is in dialogue with Government of Andhra Pradesh for allotment of captive mine for setting a up green field value added project and is also looking at Iron Ore mining assets in Africa.

Shri Malaya Chatterjee, CMD, KIOCL and Incharge CMD, HSCL appraised the performance of the Company which included achieving a turnover of Rs. 1208 crores in 2011-12 against the turnover of Rs. 1005 crores achieved during 2010-11.

(PIB 2JUL12)

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