JSW Group reports earnings of nearly one billion PLN

The JSW Group’s 2021 EBITDA (net of non-recurring events) was PLN 2.9 billion. In turn, sales revenues surpassed PLN 10.6 billion and were up 53.2% compared to 2020.

“The first three quarters 2021 were indeed difficult for us. In turn, we did a great job of utilizing the opportunities that surfaced on the market. In the first half of the year, the Group was supported by the coke segment, while the growth in coking coal prices allowed us to negotiate higher prices for JSW in the fourth quarter”, assesses Tomasz Cudny, President of the Management Board of Jastrzębska Spółka Węglowa. He adds: “The high prices of raw materials translated in real terms into the sales revenues our products generated. We are pleased that these good market conditions continue to persist in the first quarter of this year.”

It should be emphasized that the average price for the sale of coke in 2021 was PLN 1,266 per ton, meaning that it was up 62.8% above the price commanded in 2020. The average price of coking coal in the period under discussion was favorable and stood at PLN 620 per ton, up 41.9% from the previous year.

In 2021 the JSW Group’s mines produced 13.8 mt of coal and 3.7 mt of coke. The split of coking coal and steam coal production was 80% and 20%, respectively.

The Group’s revenues on the sales of hydrocarbons to external customers shot up 42.9% versus last year to more than PLN 5 billion, and the revenues on the sales of coke and hydrocarbons to external customers were also up 69.1% and also surpassed PLN 5 billion.

“Our Group has proven that we are an uncontested strategic supplier of coking coal and coke on the European and overseas markets. Our efforts have led to effects in the form of long-term contracts signed with key partners. These contracts confirm that despite ongoing discussions and work on new technologies for smelting steel, coking coal and coke will continue to be a core raw material needed in the environmental transition process in the upcoming years”, says Tomasz Cudny, CEO.

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The Jastrzębska Spółka Węglowa Group is the largest producer of high quality hard coking coal and a significant producer of coke in the European Union. For years, the Group has held a crucial position on the Polish and European market for coking coal and coke, due to the high quality coal it produces and due to its location in proximity to its main customers.

Coking coal is on the European Union’s list of critical raw materials, i.e. raw materials of strategic economic importance with limited local availability and a high level of supply risk from outside the EU.