Three representative trade unions operating at JSW, namely Solidarity, Federation of Trade Unions of JSW Miners and Cadre, decided to take the final step.
Live‑draft bankruptcy scenario
On 16 June the unions sent an urgent letter to the Marshal of the Sejm Włodzimierz Czarzasty, the Minister of Finance Andrzej Domański and the Minister of Internal Affairs and Administration Marcin Kierwiński.
The content warns of the company’s dramatic financial situation and the real threat to national security and the supply of critical raw materials to the European market.
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This is a brutal collision with market reality, because JSW, still recently generating billion‑dollar profits, is melting into debt.
The unions point out that without immediate intervention, within the next few weeks the board will be forced to file for bankruptcy or restructuring.
“We address you in connection with the dramatic financial situation of Jastrzębska Coal Company and the escalating threats to the security of supplies to the European Union market of critical raw materials supplied by JSW and the growing risk of national security threat in light of the inevitable bankruptcy process of JSW,” the message read.
The most striking are the accusations directed at the State Assets Ministry (MAP), which as the majority owner controls 55% of the company’s shares.
Concerns have been mounting for two years, and the bitterness was intensified by the officials’ stance at a recent Mining Commission meeting. The unions charge MAP with total passivity, ignoring letters addressed to Minister Wojciech Balczun and the Prime Minister’s Office, and a gross lack of oversight over JSW’s strategic financial pillar.
The main charge concerns an unforgivable omission error. For nine months there was a convenient market window that would allow JSW to secure 10‑year bonds in international markets.
It was a real chance to halt the decline in production, secure investments and return to profitability. That time was irretrievably wasted by the company’s management with full tolerance from owner supervision.
Instead, the recently approved loan of 850 million PLN is a drop in the ocean of needs.
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Who is gnashing teeth at Polish coke?
The most daring and unsettling part of the letter concerns what might happen after the giant’s possible collapse.
The unions warn that behind the scenes talks are already underway to allow foreign entities and selected Polish companies to acquire JSW’s most valuable assets for free.
According to union reports, the entire process would take place under the strict control of selected trustees who allegedly cooperate with representatives of the current JSW board.
For listed investors, this is a clear signal that JSW has stopped being a predictable business and has become a ticking geopolitical and restructuring bomb.
If the government does not immediately implement a real rescue program, the black clouds over Jastrzębie will turn into a destructive cyclone.
Although a temporary positive trend driven by geopolitical conditions, increased demand for coking coal and the mining disaster in China lifted JSW, such a catastrophic financial situation does not bode for a positive solution to the Gordian knot of raw materials.
Interestingly, JSW shares rose by 1,68% at the market close on Friday, 19 June, and ultimately settled at 25,97 PLN.
Chart. JSW share price
Source: TradingView.
See also: JSW shares went crazy! Coal prices hit the market after the China tragedy
Source: WNP.
