Lakshmi Mittal to get $935mn dividend

India-born billionaire Lakshmi Mittal will get a dividend package of $935.5 million this year by virtue of his stake in the world's largest steel producer ArcelorMittal.

The company today announced its dividend payment schedule for 2008 as part of which it would make four quarterly payments of $0.375 per share in March, June, September and December.

Mittal, who holds 623.62 million shares, would get $233.85 million at each payout. The company would pay a total dividend of about $2.2 billion.

The Mittal family is the promoter of the company with 43.04% stake valued at about $39.1 billion.

ArcelorMittal today said a gross dividend of $1.50 per share (paid on a quarterly basis) would be submitted to the shareholders' approval at the next annual general meeting on May 13. The quarterly payments of $0.375 per share will occur on March 17, June 16, September 15 and December 15, it added.

Dividends are announced in US dollar terms and paid in the same currency for shares listed on the New York Stock Exchange and paid in euros for shares listed on the European exchanges (the Netherlands, France, Spain, Luxembourg and Belgium).

The company said the gross dividend amount would attract a tax of 15% as applicable in Luxembourg.