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This is an archive article published on February 23, 2010

ArcelorMittal CEO takes 2009 pay cut

The world's largest steel maker ArcelorMittal SA says it gave its chief executive Lakshmi Mittal a 12 percent pay cut last year as the company lost money amid slumping steel sales.

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The world’s largest steel maker ArcelorMittal SA says it gave its chief executive Lakshmi Mittal a 12 percent pay cut last year as the company lost money amid slumping steel sales.

Mittal earned a total of $3.6 million in 2009,down from $4.1 million in 2008,the company’s annual report said Tuesday.

The company’s board of directors all took pay cuts of around 23 percent. Mittal’s basic pay of $1.49 million was bumped up with a performance-related bonus of $2.1 million.

Falling steel demand saw the company make losses in 2009’s first and second quarters,returning to profit in the third quarter.

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