Evraz Highveld Steel: Chief and financial director named

Evraz Highveld Steel and Vanadium had appointed Jan Valenta as chief executive, the steel producer said yesterday, as it struggles to return to profitability. Valenta had been promoted from financial director and would succeed Michael Dennis Garcia, who stepped down. Valenta’s appointment took effect on Tuesday and the company appointed Olga Luzik as financial director. Evraz said last month that it was unable to borrow more money after it posted a second consecutive annual loss. It said its credit lines were “fully drawn and may not be sufficient to support the company if the company cannot achieve its production and sales and cost targets”. The shares closed unchanged at R8.70 yesterday. – Reuters