ArcelorMittal is planning a 50 per cent increase in capital spending next year to take advantage of growth opportunities in emerging markets, as more signs are pointing to a broad upturn in the steel industry.

Lakshmi Mittal, chairman and main owner of the world’s biggest steelmaker, told the Financial Times that he thought the company’s capital investment in 2010 would be $4bn-$5bn, up from about $3bn in 2009.