You have a number of choices here:
1. If the pits arn`t too severe you could consider sanding them out. {Probably wouldn`t be my choice I must admit}
2. You could consider filling them with lead. Would require a flame source, acid flux and some lead filler wire. {will require sanding smooth afterward} HINT: Don`t use rosin core wire for this if you decide to go this route.
3. Then there is silver solder, a little more expensive materials wise, But the same process as the led application with exception of the flux {you`ll need silver solder flux for steel} silver filler wire and a slightly hotter flame source.
4. Brass, again the same process different flux and filler wire, sanding smooth to finish required.
5. Epoxy, you are on your own here sanding to finish required.
6. bondo, Again sanding to finish {most likely NOT my choice at all!}
7. Several coats of high build primer. Probably not one of my choices either.
You could even run beads of steel over the damaged area but you are talking massive amounts of heat required as well as massive grinding/sanding to re finish.
My choice would probably be lead Just because of the ease of application and workability.
Silver would be my next solution, then brass BUT ... I would most likely go with what I have on hand at the time and that would be lead, silver or brass even though I do have the equipment, knowledge and material to refurbish the steel with steel I would only do so as a last resort because of the intensity of application and workability.
P.S. What ever you decide .... remember ANY type of welding/soldering process requires a good deal of ventilation as well as eye and ear protection especially when sanding/grinding.
Hope this helps