PTI reported that VP and above of ArcelorMittal would take a pay cut in an added effort to contain cost this fiscal.

A spokesperson for ArcelorMittal told PTI in an email response that "The company believes in solidarity and a 15% unanimously agreed cut by senior management was a reflection of the same. This measure is limited to the senior level positions VPs and above.”

The report said that the proposal was approved at company's Annual General Meeting in Luxembourg earlier this month. It said that "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%.”

(Sourced from PTI)