PGZ with capital relief for JSW? Balczun, MAP: There are no such plans

There are no plans for a capital entry of Polska Grupa Zbrojeniowa into JSW – informed the Minister of State Assets, Wojciech Balczun. The goal is to include JSW in the supply chain, mainly by supplying coking coal to Huta Częstochowa.

“The idea is to include JSW in the production chain along with the component of the raw material necessary to produce our own steel in Poland as part of improving safety. The discussion boils down to the fact that JSW is a key asset for us related to the extraction of coking coal, without which it is difficult to imagine the production of our own steel,” said Minister Wojciech Balczun during Monday's press conference.

The minister added that from the perspective of stable coal supplies to Huta Częstochowa, there is a role for JSW.

“There is no plan for PGZ to directly enter JSW with capital. These are completely separate activities,” said Wojciech Balczun.

He added that the most urgent task now is to stabilize the liquidity situation at JSW.

“Ultimately, when the current economic downturn ends, which is probably the deepest in history, assuming that all measures are implemented and the company recovers, it will supply coal that will be used in Polish steelworks,” he said.

“The demand for steel will be gigantic and in this respect JSW is important. Having its own coking coal producer and metallurgical and steel facilities is an element of state security,” he added. (PAP Business)

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