Earlier in August, KIOCL said that it has temporarily suspended operation of its pellet plant at Mangalore from 23 August 2022. The temporary shutdown was due to shed full condition, resulting out of lack of demand in domestic market and unviability in international market in view of levy of duty on export of pellets by Government of India vide its notification.

KIOCL is engaged in business of Iron Ore Mining Benefication and Production of High Quality Pellets. The company reported net loss of Rs 102.22 crore in Q2 FY23 compared to a net loss of Rs 30.33 crore posted in Q2 FY22. Revenue from operations tumbled 66.6% year on year to Rs 154.43 crore in Q1 FY23.