New Delhi: The salary of LakshmiMittal, Chairman and CEO of ArcelorMittal, inched up a mere 1.78 percent at $1.77 million last year, amid the world's largest steelmaker reporting a net loss of $3.73 billion in 2012 due to slump in demand and write downs.

Mittal took a 6.41 percent cut in short-term performance related bonus in 2012 at $1.94 million in the backdrop of recession in Europe hurting ArcelorMittal's performance last year, the company's annual report showed.

Mittal's salary in 2011 was $1.739 million, while his short-term performance related bonus was $2.074 million.

The company's several other Board members also went for cuts in their pay cheques in 2012 due to poor performance of the company. This includes Mittal's daughter Vanisha Mittal Bhatia, who went for a 1.15 percent cut in her compensation at $1,72,000. The report, however, did not mention the compensation given to Mittal's son and company's CFO Aditya Mittal as he is not a Board member.

Lakshmi Mittal, along with his wife Usha Mittal holds 39.39 percent stake in ArcelorMittal. In 2012, the largest steel producer of the world had reported a net loss of $3.73 b due to poor market conditions.