Business environment becoming challenging for steel sector: SAIL

Country's largest steel maker SAIL today said with the business environment becoming extremely challenging for the steel sector, it has identified five core areas, including optimisation of new assets utilisation, to turn impending challenges into opportunities.

The announcement comes at a time when there is a slump in the demand for steel.

"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," Steel Authority of India Ltd (SAIL) said.

Five core areas were identified including, ensuring qualityand 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 itis sensitising talented young executives to drive the top managements agenda of 'change'and for transforming the PSU into a vibrant organisation.

With this aim in sight, 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 afour-day training programme organised at SAIL Management Training Institute (MTI) in Ranchiandwas attended by around 100 young executives.

SAIL, which has reached the last leg of its Rs 70,000 crore modernisation programme, had earlier said post modernisation there would be 60-70 per cent jump in production capacity which is a challenge for the PSU as demand for domestic steel remains weak.