Jastrzębska Spółka Węglowa seeks 2 billion zł loan amid severance payout scheme

Poland's Jastrzębska Spółka Węglowa (JSW), the sole European producer of coking coal and the EU's largest supplier, is confronting a severe liquidity crisis. The group recorded a consolidated net loss of 6.25 billion zł and an EBITDA loss of 4.99 billion zł in 2025, with the first quarter of 2026 adding another 615.9 million zł net loss. To keep operating, JSW says it needs up to 2 billion zł of external financing; an 850 million zł loan from the Industrial Development Agency will provide temporary relief.

The company has also negotiated cost‑cutting measures with its highly unionised workforce – 83 unions and 112 delegated representatives – aiming to reduce labour expenses by about 1.2 billion zł in 2024‑25. In parallel, JSW began paying a one‑off severance benefit of 170 thousand zł net to 526 workers who opt for voluntary exit, with a total of 1 156 employees eligible. New regulations require recipients to repay the amount if they return to mining‑related work, and the government has introduced safeguards to prevent abuse of the scheme. These steps are part of a broader plan to phase out Polish coal mining by 2049 while preserving the steel industry’s raw‑material base.