After 2 years of pay cuts, LN Mittal gets raise in 2010

Monday, 28 March 2011, 15:39 IST
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After 2 years of pay cuts, LN Mittal gets raise in 2010
London: Lakshmi Mittal, the Chairman and CEO of the world's largest steel-maker ArcelorMittal, earned a 11 percent hike in his base salary in 2010, after suffering pay cuts in the previous two consecutive years. Mittal earned a base salary of $1.65 million in 2010, compared to 1.49 million in the previous year, according to ArcelorMittal's annual report. In the previous two years, the company had given a pay cut to its entire board, including Mittal, as the firm lost money amid slumping steel sales. In addition, Mittal's daughter, Vanisha Mittal Bhatia, received a base salary of $172,000 in 2010, up from $164,000 in the previous year. Mittal's other peers on the board -- Narayanan Vaghul, Wilbur L Ross, Lewis B Kaden, Francois Pinault, Antoine Spillmann and HRH Prince Guillaume -- also witnessed a hike in their base salaries in 2010.
Source: PTI
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