Fires and four power failures at Nippon Steel & Sumitomo Metal Corp’s Nagoya Works in Japan – which are likely to result in an estimated 32 billion yen (US$271 million) loss for the steelmaker – are behind 20% pay cuts for some of the company’s senior management.

Those who can expect lighter pay cheques this Christmas include president Kosei Shindo, chairman Shoji Muneoka and vice chairman Hiroshi Tomono. Yoshitsugu Sakamoto, former head of the Nagoya works, receives a 30% pay cut.

Source: Bloomberg.