Leaving government may not capitalise JSW coal group

APA - Austria Presse Agentur
opublikowano: 21-09-2005, 15:30

Warsaw (Puls Biznesu) – The government, which will soon be changed due to parliamentary elections held this Sunday, planned to found a coal-coke group around Jastrzebska Spolka Weglowa (JSW) in August at the latest. The plans have failed. “At the end of this week, evaluations of coke plants will be ready.

Warsaw (Puls Biznesu) – The government, which will soon be changed due to parliamentary elections held this Sunday, planned to found a coal-coke group around Jastrzebska Spolka Weglowa (JSW) in August at the latest. The plans have failed. “At the end of this week, evaluations of coke plants will be ready. With their shares we want to capitalise JSW”, Stanislaw Speczki, deputy Minister of Treasury said. The evaluation of Walbrzych coke plant (ZKW) and Zabrze coke plant (KKZ) was ready in March but due to delays in the ministry, the procedures had to be repeated.

Only few days have left before parliamentary elections. The old government may not manage to give the shares of KKZ and ZKW to JSW. Opposition parties which are to build the next government, have other plans. "You may discuss details when the new cabinet is built and new ministers analyse the situation”, Adam Szejnfeld, the member of Citizens’ Platform (PO) and the head of the parliamentary economy commission said. Experts believe that there is a need for a coke-coal group. “Representatives of different political options agree as to that. If the company is founded after elections, the new government will take all honours. SLD waited too long”, Janusz Olszowski, the CEO of the Industrial-Trade Mining Chamber said.

The group is to be built around JSW, which would receive 73 percent of both coke plants. JSW has already a 88 percent stake in Koksownia Przyjazn coke plant. The mining industry privatisation strategy provides for JSW listing in 2006. Analysts expect there will be many potential buyers of its shares among foreign steel companies, including Arcelor, Voest Alpine, Mittal Steel, Thyssen Krupp. The new group would produce 4.1m tonnes of coke and have 41 percent of the Polish market. Mittal Steel Poland produces 5.2m tonnes of coke and has a 52 percent market share.

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Podpis: APA - Austria Presse Agentur