Polish JSW produced 12.3 million tons of coal in 2024

The largest coking coal producer in the EU ended the year with a loss of PLN 7.3 billion

In 2024, the Polish mining company Jastrzebska Spolka Weglowa (JSW) produced 12.3 million tons of coal despite difficult market conditions, unfavorable geology and unforeseen production failures. This is stated in the company’s financial report published in early April.

Last year, the company recorded a net loss of PLN 7.3 billion. The main reason for this was the impairment of non-financial assets worth over PLN 6.4 billion. EBITDA excluding one-off items amounted to PLN 396 million.

Amid difficult geology and operational challenges, JSW reduced coal production by 9.3% and coke production – by 8.6% compared to 2023. The financial results were also significantly affected by falling prices: the average price for coking coal decreased by 20% to PLN 899 per tonne, and for coke – by 13.2%, to PLN 1302.

“The business model we inherited in May 2024 was not very flexible, especially in terms of costs, which exerted a direct impact on the present problems,” said JSW CEO Ryszard Janta.

He added that the company has launched a Strategic Transformation Plan to improve production efficiency, optimize costs and procurement.

Despite the losses, JSW invested PLN 4.1 billion in strategic projects: modernization of coal preparation plants, deepening of mines and infrastructure development. The company has also applied for new licences for the Dębieńsko 1 and Borynia fields.

At the end of 2024, JSW Group employed more than 32 thousand people. Occupational health and safety and the environment remain a priority, with over PLN 1.6 billion and 190 million spent on relevant measures, respectively.

Last year, Jastrzebska Spolka Weglowa declared force majeure three times. In particular, the last time in November, the circumstances were caused by an increased risk of fire at one of its key production facilities, the W-3 longwall at the KWK Pniowek mine.