Published by Global Banking & Finance Review®
Posted on December 15, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleJSW, Poland's largest coking coal producer, requires $830 million to continue operations in 2024, facing challenges from low prices and high costs.
WARSAW, Dec 15 (Reuters) - Polish coking coal producer JSW needs 3 billion zlotys ($834 million) of liquidity to keep operating next year, the state assets minister said on Monday, adding the company was considering loans from commercial banks and a government fund.
JSW, the European Union's largest producer of coking coal used in steelmaking, has been hit by falling prices and high wage costs, and is working on a restructuring plan.
If approved, the plan could save billions of zlotys on wages, estimated by Erste analyst Jakub Szkopek at 7.1 billion zlotys per year.
The state-controlled company has already cut investments and spent almost all of its rainy day fund, which has shrunk from nearly 5 billion zlotys at the end of 2022 to around 100 million in October.
JSW reported a net loss of 796.3 million zlotys for the third quarter, widening from a 315.3-million-zloty loss a year earlier.
"The restructuring plan for JSW is ready. The company is intensively negotiating to secure commercial financing from the international market," Wojciech Balczun told reporters.
"Market responsiveness is high. At the same time, we are negotiating a loan from the Restructuring Fund. JSW needs almost 3 billion zlotys to ensure its liquidity for the next year."
($1 = 3.5956 zlotys)
(Reporting by Marek Strzelecki and Anna Koper. Editing by Mark Potter)
Liquidity refers to the availability of liquid assets to a company or individual, allowing them to meet short-term obligations without raising external capital.
A restructuring plan is a strategy implemented by a company to reorganize its operations and finances to improve efficiency and profitability, often in response to financial difficulties.
Coking coal is a type of coal that is used in the steelmaking process. It is heated in the absence of air to produce coke, which is essential for steel production.
A net loss occurs when a company's total expenses exceed its total revenues during a specific period, indicating that the company is operating at a loss.
Commercial banks are financial institutions that provide services such as accepting deposits, offering loans, and facilitating transactions for individuals and businesses.
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