NRI billionaire Lakshmi Niwas Mittal, along with his son Aditya and daughter Vanisha, will see 15 per cent decline in salaries for their roles at ArcelorMittal, as the steel maker’s top brass takes a pay cut in an added effort to contain cost this fiscal.
“In view of the current economic circumstances in general and in the steel industry in particular, the board decided on February 10, 2009, to propose to reduce the annual remuneration for board members for the year 2009 by 15 per cent.
“The company believes in solidarity and a 15 per cent unanimously agreed cut by senior management was a reflection of the same. This measure was limited to the senior level positions —vice-presidents and above,” a spokesperson for the world’s largest steel maker told PTI in an email response.