In path-following methods for conic programming knowledge of the performance of the (damped) Newton method at finite distances from the minimizer of a self-concordant function is crucial for the tuning of the parameters of the method. The available bounds on the progress and the step length to be used are based on conservative relations between the Hessians at different points and are hence sub-optimal. In this contribution we use methods of optimal control theory to compute the optimal step length of the Newton method on the class of self-concordant functions, as a function of the initial Newton decrement, and the resulting worst-case decrease of the decrement. The exact bounds are expressed in terms of solutions of ordinary differential equations which cannot be integrated explicitly. We provide approximate numerical and analytic expressions which are accurate enough for use in optimization methods. As an application, the neighbourhood of the central path in which the iterates of pathfollowing methods are required to stay can be enlarged, enabling faster progress along the central path during each iteration and hence fewer iterations to achieve a given accuracy.