October 15, 2025 - Jastrzbska Spóka Wglowa (JSW), Europe’s largest coking coal producer, has announced the start of preparatory work for a large-scale business restructuring. According to the company, the management board’s decision of October 11, 2025, aims to improve the difficult liquidity situation and ensure financial stability in the short and medium term.

The first stage will be the development of the restructuring concept itself. It will involve a series of steps, including the formation of liquidity support mechanisms, negotiations with social dialogue partners on the adaptation of labor costs to the company’s financial capabilities, a review of financing terms with a consortium of banks, and an analysis of potential forms of state support.

According to the plan, by October 31, JSW will present the key principles of the recovery program, a simplified financial model, and a roadmap for restructuring. The first phase is expected to be completed by the end of January 2026. This will allow further steps and a new framework for the activities of not only the company itself but also the entire JSW Group to be determined.

“The actions taken should lay the foundation for the long-term financial and operational stabilization of the group,” the management board emphasizes.

JSW stresses that the goal of the process is not only to protect liquidity but also to lay the foundation for balanced operations in difficult market conditions.

It should be recalled that Jastrzbska Spóka Wglowa recorded a net loss of PLN 2.08 billion in the first half of 2025. The decisive factor was the write-off of PLN 648 million in assets due to the January fire at the Knurów-Szczygowice mine. In addition, the financial result was affected by the fall in world prices for coking coal and unfavorable currency fluctuations.