Head of MAP: we are looking for solutions to help JSW in the coming months

We will look for systemic solutions, including legislative actions, related to the possibility of releasing funds to help JSW in the coming months, declared the head of MAP, Wojciech Balczun, on Thursday. He also assured of the government's determination to ensure that JSW survives.

The Minister of State Assets spoke at the conference “Tauron Group investment program – local content”, organized in Jaworzno. At a later briefing, he was asked by journalists, among others: about the situation of Jastrzębska Spółka Węglowa, of which the State Treasury holds 55.16 percent. shares.

Balczun assured, among others: about the government's determination to survive JSW. He pointed out that wages were paid in the company this week – and there was money for them. He emphasized that the government had taken a number of actions to make these funds available.

– Of course, it is not easy because it can be said that JSW is practically unbankable. And even if the market situation improves, because we receive some first signals that there is a chance that coking coal prices will increase, the system for taking into account this price indexation is such that it does not have an immediate impact, but only after a few months – explained the minister.

He stated that JSW must survive until this point. He assessed that her situation was still very difficult. He declared contact with the Ministry of Energy regarding it and said that this week representatives of the ministries discussed possible system solutions. He added that on Thursday morning he talked with representatives of the Industrial Development Agency to what extent the IDA can act regarding JSW.

– We will look for systemic solutions, I probably mean legislative or regulatory activities related to the possibility of mobilizing funds and supporting JSW in the coming months. On the other hand, we also expect restructuring actions (in JSW – PAP), they are being undertaken – said the head of MAP.

He added that the owner also expects the effects of the company being subject to the mining act, which should translate into employment reduction and optimization. He noted that this is still a condition for discussions with financial institutions, also in the context of ongoing talks on possible commercial financing from international markets.

– The actions that have already been implemented confirm our determination to save JSW. If we look at what is happening on global markets: in the Middle East, mines are being closed in Australia, everything influences that perhaps JSW may have a greater chance, also on the market, of survival – said Wojciech Balczun.

The JSW Capital Group is a joint-stock company, the largest producer of high-quality coking coal in the EU and one of the leading producers of coke used to melt steel. The core business of the JSW group is the production and sale of coking coal as well as the production and sale of coke and carbon derivatives. JSW mines in four mines: Borynia-Zofiówka, Budryk, Knurów-Szczygłowice and Pniówek. The company is listed on the Stock Exchange.

JSW had a cumulative net loss of PLN 2.9 billion after three quarters of 2025. Sales revenues amounted to PLN 7 billion, and the EBITDA result was minus PLN 1.4 billion. In the third quarter alone, JSW generated PLN 2.3 billion in sales revenues, with a gross loss on sales of PLN 524 million. EBITDA excluding one-off events amounted to minus PLN 485 million and the net loss was PLN 794 million.

On February 13, the company signed agreements with unions, including: suspending some employee benefits. The suspension agreement adopted by employees in a referendum on February 12 this year, like the planned sale of some assets, is an element of a broad restructuring plan aimed at improving JSW's financial situation and securing its future in the face of difficult market conditions.

On March 9, JSW concluded a preliminary agreement with ARP for the sale of companies belonging to the JSW group: Przedsiębiorstwo Budowy Szybów (PBSz) and Jastrzębskie Zakłady Remontowe (JZR). The total price of PBSz shares and shares in JZR is expected to be PLN 1,066 million. On Monday, it was announced that the preliminary agreement provides for an advance payment of PLN 400 million by the Industrial Development Agency, which will go, among others, to: for the payment of remuneration in the company.

JSW intends to publish the standalone and consolidated annual report for 2025 on March 26 this year (PAP)

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