State-run Steel Authority of India Ltd (SAIL) on Sunday said it has identified five core areas, including optimisation of new assets utilisation, to turn ongoing challenges into opportunities in a context where the business environment is extremely challenging for the steel sector suffering due to weak demand.

"At this crucial juncture for steel industry across the world, SAIL management realises that business environment has become extremely challenging. Thus the company, in a recent meeting of top management, devised appropriate responses for the impending challenges to turn them into opportunities," the company said.

The nation's largest steelmaker said the core areas identified include, ensuring quality and cost effective input, achieving production excellence, optimising new assets utilisation and leveraging human capital.

SAIL is focusing on developing high impact leadership amongst its ranks for which it is sensitising talented young executives, it added. 

At this recent meeting in Ranchi, SAIL Chairman P.K. Singh and other directors interacted with young managers for re-energising them and reshaping their perspective on leadership.

The session was part of a four-day training programme organised by the SAIL Management Training Institute and was attended by around 100 young executives, the company said