In recent months, Lakshmi Mittal, chairman and main owner of ArcelorMittal, has had little to smile about as the global steel business has plunged into a traumatic slump and worries have intensified about his group’s $26bn debt exposure.

Some reports have pictured Mr Mittal on occasions as appearing to be tired and jaded, but Sajjan Jindal, managing director of JSW Steel, India’s second biggest private sector steelmaker, says the steel billionaire is now taking an upbeat view of the coming months.