File photo: Simphiwe Mbokazi

Johannesburg - South African steel and vanadium producer Evraz Highveld said on Wednesday it has appointed Jan Valenta as its new chief executive as the company struggles to return to profitability after two years of losses.

Valenta was the company's financial director prior to his appointment and is succeeding Michael Dennis Garcia who stepped down. Valenta's appointment is effective April 15.

The company appointed Olga Luzik as its new financial director.

Evraz said last month that it was unable to borrow more money after it posted a loss for the second straight year. 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 company's shares were flat at 8.70 rand as of 1230 GMT.