Lakshmi Mittal takes 38% cut in salary after ArcelorMittal posts $ 2.54 bn annual loss

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Lakshmi Mittal takes 38% cut in salary
Lakshmi Mittal, Chairman and CEO of world's largest steel-maker ArcelorMittal and one of the richest Indians, took a 38 per cent cut in his salary and perks last year amid his firm reporting second consecutive loss in two years, reported PTI.

As per the annual report of ArcelorMittal for 2013, Mittal was paid USD 2.29 million as salary and perks last year, down 38.29 per cent, from 2012's USD 3.71 million. His base salary declined marginally by 0.57 per cent to USD 1.76 million, while his short term performance related pay went down by over 72 per cent to USD 0.53 million.

However, Mittal was allotted 1,50,576 long term performance share units (PSUs), a jump of 20 times than that of last year's 7,500 PSUs, said the PTI report.

In 2013, ArcelorMittal had posted a net loss of $2.545 billion. The loss, though lower than 2012's $3.352 billion net loss, was due to poor market conditions, which was largely witnessed during the first half of the year.

Dion Global Solutions Ltd.

Read more about: lakshmi mittal, arcelor mittal, steel
Story first published: Monday, March 3, 2014, 9:20 [IST]
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