Arcelormittal's (MT) chief executive and chairman Lakshmi Mittal earned a 5.3% rise in his annual compensation in 2011, according to the steel giant's latest annual report released Wednesday.

Lakshmi Mittal, head of the world's largest steel company by output, earned an annual compensation of $1.74 million in 2011 compared with $1.65 million the year before. The 2011 figure included $13,000 paid for services rendered in the previous year.

In terms of bonus, the short-term related bonus package given to Mittal was $2.07 million in 2011 compared with $692,000 in 2010.

The 2010 figure was low due to the fact that the bonus package granted in 2010 referred to the company's performance in 2009 when the global steel industry was still in the doldrums due to the financial crisis that hit steel demand.

Mittal's long-term performance related bonus was 12,500 options in 2011. This compares with 56,500 options granted in 2010 at a strike price of $30.66 which resulted in a long-term bonus of $1.73 million. A similar calculation couldn't be made for 2011 since a strike price wasn't disclosed.

Mittal and his wife own 41.15% of the company's outstanding shares, which is valued at EUR10.5 billion or $13.9 billion.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

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