JSW Reports Heavy Losses

Jastrzębska Spółka Węglowa (JSW), the largest producer of high-quality coking coal in the European Union, has once again reported heavy losses for 2025. At the same time, the Polish government approved a support program aimed at stabilizing the state-controlled mining group.

JSW recorded an estimated EBITDA loss of PLN 4.989 billion in 2025, equivalent to approximately €1.174 billion. In 2024, the company had still achieved a positive EBITDA of PLN 396 million. The net loss in 2025 was PLN 6.255 billion, following a loss of PLN 7.242 billion in the previous year. Revenue declined from PLN 11.326 billion in 2024 to PLN 9.408 billion.

Production rises slightly

Despite the difficult financial situation, JSW increased its coal production. Total output in 2025 was 13.0 million tons, up from 12.25 million tons the previous year. Coking coal production rose from 9.92 million to 11.0 million tons. At the same time, thermal coal production fell from 2.33 million to 2.0 million tons.

Coke production also rose slightly. It reached 3.15 million tons, up from 3.06 million tons in 2024.

JSW had already lowered its production forecast for 2026 in early April. The company now expects to produce around 13.3 million tons of coal instead of the 13.5 million tons anticipated in November 2025. Reasons for this include delays in the commissioning of the N-9 longwall at the Pniówek mine.

Government Approves Support Program

To alleviate the company’s difficult situation, the Polish cabinet approved a new program on April 28 titled “Support Program for the Hard Coal and Coking Sector in Poland – Protective Measures.”

The program is set to run from 2026 to 2031 and is primarily intended to facilitate workforce restructuring. According to the Ministry of State Assets, it includes protective measures for JSW employees, such as leave for miners, special leave for employees at coal processing plants, and one-time severance payments.

The ministry stated that the adoption of the program was necessary so that JSW could utilize the relevant support mechanisms. The goal is to cushion the costs of workforce reductions and to provide social support during the company’s restructuring.