Jastrzębska Spółka Węglowa (JSW) currently needs money to carry out restructuring, an increase in coal and coke prices, and peace, says ceo Bogusław Oleksy. Without these, the company has no future, as only profitable operations can secure commercial financing.
The ceo emphasised that the company’s situation is becoming more difficult with each passing day, and the market environment remains unfavourable. Representative trade unions have warned of a real threat of bankruptcy or restructuring proceedings in the coming weeks. Oleksy noted that all scenarios must be considered, but the priority is to achieve a surplus of revenues over costs as quickly as possible.
When asked what JSW needs most right now, Oleksy replied: – Money to carry out restructuring. An increase in coal and coke prices, and peace – he stated.
Financing and restructuring efforts
– The company’s operations must be profitable, otherwise there is no future for it. Only profitable operations will allow us to obtain commercial financing – said Bogusław Oleksy. The process of securing external financing began in November 2025, when JSW presented an information memorandum to a foreign fund. The memorandum outlined cost-cutting measures, including a 25% reduction in the wage package, transferring 3,000 employees to the Mining Restructuring Company, and a voluntary early retirement programme supported by the state budget.
The fund expressed interest, conditional on achieving positive EBITDA and obtaining a letter of support from the State Treasury. However, negotiations with trade unions did not confirm the possibility of the 25% wage cut, which halted the analytical process. A subsequent application for a PLN 2.9 billion loan from a reprivatisation fund was also rejected due to wage cost risks.
Workforce reduction and operational changes
Oleksy confirmed that the current implementation of the Act on the Functioning of Hard Coal Mining is providing some relief. So far, 600 employees have taken one-time severance payments. The company is awaiting a signed agreement with the Ministry of Energy regarding mining and processing leave, which could cover around 3,100 people. The first effects could be visible from July, as most eligible employees would then use this support instrument.
The creation of mining centres is part of the recovery programme aimed at improving profitability and better use of assets and workers. The programme is being implemented in a project formula, with a dedicated organisational structure established on June 22. Extraction is proceeding according to plan, with total output for 2026 expected to reach approximately 13.3 million tonnes, with a focus on coking coal.
Market challenges and future outlook
JSW maintains constant contact with its key customers, although the company’s situation has raised questions about its stability and reliability. The European market faces strong competitive pressure from cheaper coking coal from the US and coke from Indonesia, leading to price pressure and new customer expectations. Oleksy also thanked suppliers and contractors for their patience and understanding, noting that their support is crucial for the company’s current operations.
Looking ahead, the ceo said that within the next twelve months, the company should undergo significant changes, particularly in employment reduction, limiting external services, and organisational restructuring. – By this time next year, the company should be after important changes, resulting in a more stable operational and financial situation – he added. The ceo agreed with former supervisory board chairman Andrzej Karbownik that JSW requires deep restructuring, especially in cost and organisational areas.
Źródło: wnp.pl, Fot. Mat. pras. JSW/Dawid Lach
