Steel chief's options worth pounds 2.3m

British Steel chairman and chief executive, Brian Moffat, saw his total salary rise by 5.1 per cent to pounds 521,530 last year, but that is dwarfed by the value of his share options - over pounds 2m writes Russell Hotten.

The company's annual report showed Mr Moffat's pay rise included a pounds 112,500 performance-related bonus, due to last year's sharp rise in pre- tax profits from pounds 80m to pounds 578m. For his options, at yesterday's share price of 169p, Mr Moffat is sitting on paper profits of pounds 2.36m, although some options cannot be exercised until 1997.