The world's largest steel maker ArcelorMittal SA says it gave its chief executive Lakshmi Mittal a 12 percent pay cut last year as the company lost money amid slumping steel sales.

Mittal earned a total of $3.6 million in 2009, down from $4.1 million in 2008, the company's annual report said Tuesday.

The company's board of directors all took pay cuts of around 23 percent. Mittal's basic pay of $1.49 million was bumped up with a performance-related bonus of $2.1 million.

Falling steel demand saw the company make losses in 2009's first and second quarters, returning to profit in the third quarter.