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Top executives at booming Algoma Steel and Dofasco received big pay
increases after their companies reported record results in 2004.
Compensation doubled to more than $4 million for Dofasco chief
executive officer Don Pether last year, the company's management information
circular says.
Meanwhile, Algoma disclosed in its circular that compensation for
chief executive officer Denis Turcotte shot up to $3.15 million primarily
because he exercised stock options that totalled $2.51 million.
Pether, who became Dofasco CEO in May 2003, collected salary of
$768,900, a bonus of $1.44 million and $102,077 in other compensation.
He also realized $1.81 million from exercising stock options. In 2003,
Pether received $2 million in total compensation.
Hamilton-based Dofasco smashed its profit record with net income of
$376.9 million as prices and demand for steel soared around the world.
Shareholder returns also increased dramatically.
At Algoma, Turcotte received a salary of $503,687, other annual
compensation of $137,000 and the $2.51 million from stock options last
year, the company revealed in its circular.
Turcotte, who joined Algoma in 2002, did not receive a bonus last year
but the Sault Ste. Marie-based steelmaker awarded him 87,500 more stock
options. In 2003, Turcotte earned $474,004 in pay and gained 233,477
stock options.
Algoma's profit soared to a record $343.8 million in 2004 because of
high steel prices and demand.
Shareholder return on investment also shot up.
A lot of Algoma's business was on the spot market, which allowed it to
take advantage of climbing prices in 2004.
Algoma's results capped a remarkable turnaround.
The company emerged from court protection from creditors in 2002. In
2003, Algoma posted profit of $8.4 million.
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