U. S. Steel president gets $8.6m raise
U. S. Steel president John Surma got a raise from $3.5 million in 2009 to $12.1 million last year.
SALARY HIKE U. S. Steel president John Surma got a raise from $3.5 million in 2009 to $12.1 million last year.
The Hamilton Spectator
Bill Booth, from Delhi, holds the hand of his daughter Ashley, 8 years old, as his other daughter Adrianna, 9 years old, listens to Michael Ignatieff, leader of the federal Liberal Party and leader of the official opposition, speak at a town hall meeting at the United Steelworkers Local 8728 union hall. Booth, an 11.5 year employee of Harsco Metals, a contractor to US Steel's Lake Erie Works, was informed on March 14th that his job and those of his colleagues had been terminated after an approximate 2.5 year layoff.
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Tells Nanticoke crowd country needs a leader who cares about workers.
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U. S. Steel president John Surma got a raise last year.
The chief executive of the company that has locked out its Hamilton steelworkers saw more than $8.6 million added to his total pay package last year – a hike of more than 240 per cent.
MORE COVERAGE: U.S. STEEL
The raise, detailed in an annual report filed with the U. S. Securities and Exchange Commission ahead of the company’s annual meeting next month, shows Surma’s 2009 compensation package of more than $3.5 million had him among the lowest paid CEOs in the country.
For 2010, even though the company still lost money, most measures showed its performance turned around sharply.
“Although, Mr. Surma’s compensation increased in 2010, the increase was a direct result of the fact that he was among the lowest-paid CEOs in our peer group of companies for 2009,” the company said in a regulatory filing.“The fact that he received no long-term incentives in 2009, at his request (and the Committee’s agreement), was the largest contributor to his comparatively low 2009 compensation.”
The company explained that when its business took a severe downturn in 2009, Surma asked that his salary be reduced by more than 20 per cent while the pay of all other executives was cut by 10 per cent. Most of those cuts were restored in middle of 2010 when conditions started to improve.
For 2010, U. S. Steel reported sales of $17.3 billion, up from $11 billion in 2009. The bottom line for the year was a loss of $482 million, a sharp improvement from a loss of $1.6 billion, in 2009.
Surma’s pay package for 2010 includes $1.1 million in salary,$4.3 million worth of stock,$2.1 million in stock options,$458,640 in non-stock income,$3.9 million in pension changes and $188,000 in “other” compensation.
For 2009, he received the same salary, no stock or options,$210,000 in non-equity compensation,$2 million in pension changes and $167,000 in “other” payments.
Even with the 2010 raise, Surma is still making less than he did in 2008 when his base salary and add-ons totaled $14 million.
Other executives named in the filing include:
•Gretchen Haggerty, executive vice president and chief financial officer, with base salary of $555,750 and total compensation of $4 million;
•John Goodish, executive vice-president and chief operating officer, with base salary of $712,506 and total compensation of $3.7 million;
•James Garraux, general counsel and senior vice-president corporate affairs, with base salary of $494,798 and total compensation of $3.4 million;
•George Babcoke, senior vice-president of European operations and global operations services, with base salary of $390,500 and total compensation of $3.2 million.
U. S. Steel will hold its annual meeting April 26 in Pittsburgh.