US Steel CEO got big pay hike last year
NWI Times reported that US Steel CEO Mario Longhi earned USD 10.9 million in total compensation last year, a 27% increase over 2015, according to a proxy statement the company filed with the US Securities and Exchange Commission.
ArcelorMittal Chief Executive Officer Lakshmi Mittal, who heads up a much larger global company, made $1.55 million in salary and short-term performance bonuses in 2016, an 11 percent percent decline from the USD 1.76 million he made in 2015, according to ArcelorMittal's annual report.
The Luxembourg-based steelmaker's board did, however, give Mittal 504,643 shares potentially worth at least USD 2.7 million as a long-term incentive at the end of 2016, up from 179,320 performance share units in 2015. He will be able to cash in on those performance share units (PSUs) in three years, if the company meets targets on performance measures such as return on capital employee and cost of employment for the steel business.
If ArcelorMittal meets those targets, Mittal can cash in those performance share units at an estimated fair value of USD 5.45 per share in 2021. If it fails to meet any of the benchmarks, he won't receive the stock bonus.
Source : NWI Times