Jastrzębska Spółka Węglowa (JSW), the EU’s largest coking coal producer and a Polish state-owned firm, has posted a staggering net loss of nearly 7.3 billion zloty (€1.7 billion) for 2024 — its worst result since going public in 2011. The company’s revenue plunged by 26.2% year-on-year to 11.3 billion zloty, marking a sharp reversal from a profit of nearly 1 billion zloty in 2023.
JSW attributed the record loss largely to a 6.4 billion zloty non-financial asset write-off, alongside lower coal production and declining global coal prices. Coal output dropped 9.3% to 12 million tonnes, while coke production fell 8.6% to 3 million tonnes, driven by geological challenges and operational setbacks.
The average price for JSW’s coal fell 20%, with hard coking coal prices down 19% and thermal coal prices plummeting over 30%. JSW plans to cover 6.33 billion zloty of its 2024 loss using reserve capital and seeks to reclaim a 1.6 billion zloty “solidarity contribution” imposed under a 2023 windfall tax.
With extraction costs in Poland averaging 820 zloty per tonne—over five times higher than in the US—the country’s coal mining industry remains heavily subsidised. Government support for the sector is set to increase from 7 billion zloty in 2024 to 9 billion zloty in 2025.
Despite pledges to accelerate its coal phase-out, Poland’s new ruling coalition has made limited progress. Coal still powers roughly 57% of the country’s electricity and remains a key heating source in many homes.
