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JSW redeems some of its certificates

The Management Board of Jastrzębska Spółka Węglowa has decided to reach for the funds saved in the Closed-End Investment Fund (FIZ). They will be used to cover the Company's current operations.

The decision has been made after a thorough analysis of JSW's financial standing, with a view to its further development and maintaining the Company's liquidity.

“This is due to, among other factors, unfavorable conditions in the steel market and lower production, which is related to last year's longwall fires at the Pniówek and Budryk mines. Caring for the good of the Company, we have decided to reach for some of our savings accumulated in the Closed-End Investment Fund,” explains Ryszard Janta, President of the JSW Management Board, and adds: “We want to make a one-off withdrawal from the FIZ of approx. PLN 200 million, and at the same time we are setting a limit for subsequent withdrawals at PLN 1.3 billion, which we will use depending on the Company's future financial standing.”

Approval for the redemption of the FIZ certificates must still be given by the Company's Supervisory Board.

Jastrzębska Spółka Węglowa established the FIZ in 2018 to mitigate the impact of product price volatility risk on the Company's ability to maintain the continuity of its operating and investing activities, which, like any enterprise operating in the commodity market, is susceptible to business cycles. As at the end of March 2024, the Fund's net asset value was approximately PLN 5.7 billion.

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