When India’s Tata industrial group paid $13bn for Corus last year Ratan Tata, the company’s chairman, said the purchase of the British steelmaker was part of a long-term plan to become much more global.

In spite of the recent difficulties affecting the steel industry – the result of a sudden drop in demand since the summer, especially in the US and Europe – the chief executive of Tata’s steel arm, is at pains to insist these plans remain intact.