Finance Minister Arun Jaitley has said steel sector needs to be strengthened and preserved as consumption will increase with rapid growth in Indian economy. Speaking at a function in New Delhi this morning, Mr Jaitley said, adverse global cues in the steel sector only a transient trends and India has strength to withstand global challenges. The Minister also said that iron ore mining capacity needs to be expanded to bring down raw material prices. Mr Jaitley said, the challenges and crisis in the sector have to be dealt with appropriate solutions. He said, the sector needs to be revived as biggest Non Performing Assets with banks belong to the steel sector.Speaking on the occasion, Steel and Mines Minister Narendra Singh Tomar said, his ministry is committed to promote steel industry and every step will be taken to boost it.India is the 3rd largest steel producing country in the world.