Sitting over breakfast in the conservatory of his opulent London home on Monday, Lakshmi Mittal did not let a steady downpour outside – and rain dripping through a gap in the roof – damp his spirits.

“We are the first $100bn [in market capitalisation] steel company in history,” enthused the Indian billionaire. “The fundamentals of this industry are so strong that they give us a huge number of opportunities to grow.”