Lakshmi Mittal's salary in 2012 almost flat at $ 1.77 million
Mittal took a 6.41 per cut cent in short-term performance related bonus in 2012 at USD 1.94 million in the backdrop of recession in Europe hurting ArcelorMittal's performance last year, the company's annual report showed. Mittal's salary in 2011 was USD 1.739 million, while his short-term performance related bonus was USD ,2.074 million. The company's several other Board members also went for cuts in their pay cheques in 2012 due to poor performance of the company.
This includes Mittal's daughter Vanisha Mittal Bhatia, who went for a 1.15 per cent cut in her compensation at USD 1,72,000. The report, however, did not mention the compensation given to Mittal's son and company's CFO Aditya Mittal as he is not a Board member.
Lakshmi Mittal, along with his wife Usha Mittal holds 39.39 per cent stake in ArcelorMittal. In 2012, the largest steel producer of the world had] reported a net loss of USD 3.73 billion due to poor market conditions, particularly in Europe, where it had to idle several plants.
This had led to company's operating profit (EBITDA) and sales declining by 30 per cent and 10.40 per cent, respectively. The company had already proposed to reduce the dividend for 2013 by about 74 per cent to