Restructuring of Węglokoks and Huta Peace. There is an agreement with relationships

Węglokoks, which in his group Huta room Profiles and Huta Room Construction and factory organizations of Solidarity and August 80 signed a social agreement. This is the next stage of the restructuring process started in March this year. – noted Węglokoks.

As the spokesman of Węglokoks, Michał Łyczak, said on Monday, according to the agreement, Węglokoks is to act as a guarantee of financial support for both metallurgical companies until the goals set out in the restructuring agreement are achieved, ensuring the stability of the process and its consistent implementation.

The agreed solutions include, among others conversion of part of the debt, debt relief and recapitalization of metallurgical companies, which aims to stabilize their financial situation and create conditions for the further functioning of both companies.

“The agreement is the result of many months of talks conducted after signing the restructuring agreement. It was a demanding and complex process, but its effect creates grounds for stable operation and further work of companies,” a spokesman for Węglokoku declared.

He added that the social side showed openness and understanding for the challenges of restructuring. Thanks to this, it became possible to develop solutions that became the foundation of the agreement signed on Friday.

Węglokoks signaled on Monday that in the next month further decisions are planned regarding the Batory sheet metal sheet metal and Huta Pokoju SA. The parties are to inform about the progress of the restructuring process and further conversations on a regular basis.

The goal of concluded at the end of March this year. The restructuring agreements are to be healing and strengthening the financial condition of the steelworks room Profiles and Huta Room Construction, simplification of the management structure and preparation of companies for planned investments.

Among the most important assumptions of the March restructuring agreement are: cost and procedural optimization of both plants, their debt relief and providing them with financing, property reorganization and transfer of some of the unnecessary assets to Węglokoks, implementation of the package of development investments, as well as consolidation of metallurgical companies.

The restructuring plan assumes, among others Investments in the modernization of infrastructure and expansion of production capacity – including the construction of a new welded structure hall and modernization of selected technological lines. Węglokoks emphasized in the spring that the changes are of a developmental nature: no group layoffs are expected.

Węglokoks also reserved a few months ago that the restructuring agreement signed with Huta Pokoju Profile and Huta Pokój Structures is the beginning of the process. He signaled efforts of a similar restructuring agreement with the company Huta Pokoju SA.

In December last year, the boards of Węglokoks and the companies Huta Pokoju Profile, Huta Pokoju Structures and Walcan Batory sheet metal issued a message to the crews, in which they admitted that the financial situation of steel companies from the group is very difficult, which does not change the plan of their restructuring and implementing repair activities.

It was announced then that Węglokoks still provides companies with supply of production and respects agreements on unpaid obligations.

In December 2024, preparations were announced to sign a restructuring agreement between the groups from the Group and Węglokoks on a detailed action plan, with a declaration of providing development companies through investments in various areas of their activities.

The Węglokoks group includes the metallurgical company: Huta Łabędy in Gliwice, Huta Częstochowa, Walcownia of Gruych Batory sheets in Chorzów and Huta Pokoju Pokoju Profile and Huta Pokoju Konstrukci (the latter in 80 %). Węglokoks is also the owner of 16.55 percent. Huta SA Huta SA.

In the energy segment, the group owns the company Węglokoks Energia. In the logistics segment, Grupa Węglokoks has Inter Balt and Poland Uhlí, is the majority owner of the Port North and Polkarbon companies, and the minority – Upper Silesian Aviation Society, managing the Katowice airport (the process of selling shares in GTL for local governments is underway). Earlier coal assets of the group were sold to the Treasury. (PAP)

MTB/ DRAG/