Posts Tagged ‘Steel’
The Chairman of the biggest steel maker in the world, Lakshmi Mittal, took a pay cut last year due to declining profit in his company, Arcelor Mittal. One of the richest men in Indian, Mittal is known for his famous daughter in addition to being the CEO or ArcelorMittal. He and his wife, Usha, own almost 40% of the stock in the company.
He had his salary and perks decline 38% year over year. In 2013 he made $2.29 million, not a bad amount but a significant cut from the $3.71 million he earned the year before.
All other board members of the company had their pay increase during the year, even though the company posted a loss of $2.5 billion for the year. This was quite a disappointing report from the steel giant and the second consecutive year of loses. Mittal is the highest paid member of the board and the only one that also holds an executive position in the operation. His daughter Vanisha Mittal Bhatia, whose marriage has been rumored to be on the rocks, got a pay increase for her time on the board.