Coal company JSW will reduce employment

Coal extraction company Jastrzębska Spółka Węglowa (JSW) requires several hundreds million savings. The company will reduce the number of employees and is aiming reduction of mining costs to USD 80 per ton within two years, while mining efficiency is to improve to 900-1000 tons per employee, said Edward Szlęk, the CEO of the company. The company will announce its cost-cutting plan on May 15. "To achieve a balance we need several hundreds million savings. The money certainly will not come from the market, we need to reduce costs," said Szlęk during a press conference. The plan is a "to be or not to be" for the company, Szlęk stressed. JSW will reduce 1000 employees a year, through "natural" departures and it will cease to hire the administrative personnel.