Lakshmi Mittal's salary in 2012 almost flat at $ 1.77 million
Narayanan Vaghul was the third highest paid board member of ArcelorMittal, with a compensation of USD 218,000. Cost cutting by the company was also evident on total] compensation paid in 2012 to members of ArcelorMittal's senior management (including Lakshmi Mittal in his capacity as CEO), where it went for nearly 41 per cent cut at USD 9.6 million in base salaries.
This also included certain other allowances paid in cash, such as allowances relating to car, petrol, lunch and financial services, the annual report said. Further, ArcelorMittal pruned costs on short-term ,performance-related variable pay, consisting of a bonus linked to 2011 results by about 64 per cent at USD 10.5 million and reduced pension bill by 47 per cent to USD 0.8 million.
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