Lakshmi Mittal's Salary Perks In 2013 Declines 38 Pct At $2.29 Mn

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.

This had led to company's operating profit (EBITDA) and sales declining by 10 percent and 5.67 percent, respectively. The company has also kept the dividend for 2014 unchanged at $0.20 per share.

Lakshmi Mittal, along with his wife Usha Mittal holds 39.39 percent stake in ArcelorMittal.

He is also highest paid among the board members of ArcelorMittal, the report showed. All the 10 board members of the company, other than Mittal, are non-executive directors. Of them, eight are independent directors.

In 2013, Mittal's pay cheque was way ahead of the second best paid Lewis B Kaden, the lead independent director, who received 6.87 percent hike in compensation at $2,80,000.

Narayanan Vaghul, former chairman of ICICI Bank and an independent director of ArcelorMittal, was the third highest paid board member with a compensation of $2,33,000.

Cost cutting by the company was also evident on total salary and wages paid in 2013 to its 2,32,000 workforce, which declined by 3.29percent to $9.89 billion.

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