#5: John Surma
Company: U.S. Steel
Compensation (all data for 2012): $11.1 million
Company Net Income: -$124 million
Stock Return: -9.1%
Last year was an ugly year for steel stocks across the board thanks to global economic slowdown and other headwinds. Thus, in a relative sense U.S. Steel (X) really didn’t fare all that poorly. The stock dropped around 9% for the year, while names like Cliffs Natural Resources (CLF) and AKSteel (AKS) plummeted 38% and 44% respectively.
Still, a 9% slide on a $124 million loss for 2012 hardly seems to justify CEO John Surma’s hefty $11.1 million compensation — especially as the company moves to have fewer workers and lower pay, all while looking for other ways to cut costs.
Sure seems like that whopping pay package could be an easy thing to trim down.
Oh, and so far in 2013, things aren’t getting better. X is off more than 20%, while the company reported an ugly $78 million second-quarter loss just yesterday, following a worse-than-expected loss in Q1.