JSW's earnings in Q1 plunge due to fire force majeure event
Time:Wed, 22 May 2024 09:42:46 +0800
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Poland's Jastrzebska Spolka Weglowa (JSW) forecast a loss of PLN 9.7 million in the first quarter due to a force majeure event caused by a fire at its mine and expects first-quarter revenues to fall by 23% to PLN 3.4 billion.
JSW commercial director Jolanta Gruszka said that Europe's largest coking coal miner, JSW, is importing some coking coal to make up for the shortage in Poland and the European Union.
JSW's first quarter coking coal production declined 10% year on year to 3.13 million tons, while commercial sales fell by 17% to 1.46 million tons. However, coke production and sales grew by 8% and 18% to 830,000 tons and 990,000 tons, respectively.
