Alcoa Inc. CEO Klaus Kleinfeld's total compensation rose slightly, to $12.6 million in 2011.
The aluminum manufacturing giant, based in New York, said in an SEC filing Thursday that the pay package consisted mostly of stock and options awards totaling $9.5 million. That compares with $8.1 million in 2010.
Deteriorating business conditions due to concerns about the economy in the latter part of the year caused the value of Kleinfeld's equity awards and the company stock price to drop.
That also prompted Kleinfeld to agree to a 42 percent cut in his performance-based cash bonus.
He received a salary of $1.4 million and other compensation of $189,103.
The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.