As part of the first pillar, JSW intends to obtain support from the State Treasury. In a press release, the company announced that so far it has managed to defer ZUS contributions in the amount of PLN 0.7 billion, and another application for PLN 0.2 billion has already been submitted. The plan also includes the use of instruments provided for in the Act on the Operation of Hard Coal Mining and the preparation of additional forms of support. The liquidity effects of these activities are to be visible from March 2026.
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The second pillar of restructuring is to reach an agreement with the social side, which will enable changes in labor costs, employment organization and remuneration principles. The company assumes that reducing salary costs will bring liquidity effects already in December 2025.
JSW is also conducting talks with banks and financing institutions in order to adapt the financing structure to the company's real capabilities. The plan includes, among others: suspension of repayments of syndicated loan installments in 2026-2027, extension of the revolving loan repayment deadline until the end of 2030 and adjustment of covenants and provisions regarding the transaction to the group's recovery plan.
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The last pillar is business restructuring, which oincludes the reorganization of the structures of the Management Office and mines, reduction of operating costs (OPEX) and investment costs (CAPEX), as well as the sale of non-key assets. As part of savings measures prepayments for deliveries of coal and coke from key recipients and compensation for events in the Budryk and Pniówek mines are provided for.
JSW restructuring plan
Bogusław Oleksy, acting president of JSW, emphasized in a press release that the restructuring process will require the commitment and responsibility of all parties.
“We face a comprehensive and deep restructuring process, including both corrective actions and organizational changes. It is undoubtedly a demanding process, but necessary to rebuild financial liquidity, reduce costs and increase the operational efficiency of the entire group,” Oleksy said.
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“We must all be fully aware that the scale of the challenges we have recently faced is unprecedented. However, I am convinced that Thanks to the determination and responsibility of our employees, constructive cooperation with financial institutions and the support of the owner, we will not only be able to effectively implement the recovery plan, but also strengthen the foundations of the company.” – he added.
Jastrzębska Spółka Węglowa is struggling with the situation on the coking coal market
The company also pointed to difficulties related to the pressure of low prices of coking coal and coke and the deteriorating situation of the European steel industry.
In the first nine months of 2025, JSW recorded PLN 7 billion in revenues, which means a decline of 20.9%. year to year. EBITDA loss amounted to PLN 2.17 billion compared to PLN 5.8 billion loss in the same period of the previous year. Adjusted EBITDA was also negative and amounted to PLN -1.4 billion, while a year earlier a profit of PLN 887.2 million was achieved.
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On November 7, the company submitted to financial institutions the assumptions of the restructuring plan, which is aimed at rebuilding financial liquidity, optimizing operating costs and strengthening the foundations of the group. As part of these activities, JSW plans, among others: investment prioritization, review of operational processes and sale of non-key assets.
