Arrium chief executive Geoff Plummer is likely to get $3.4 million in pay in his final year as boss.

That includes base pay of $2.1 million and a $1.3 million bonus at the steelmaker and miner in 2013.

His base pay was increased from $2 million on on July 1 2012.

Mr Plummer will stay on after stepping down, to be paid $30,000 a month continuing as a director at one or more of Arrium's subsidiary companies from January, 2014 to July 2015.

Arrium chairman Peter Smedley told shareholders at the company's annual general meeting last month that Mr Plummer would step down, paying tribute to him for transforming the company from a steelmaker into a mining and materials group too.

The deferred bonus is conditional on a continued satisfactory performance and achievement of specific objectives agreed with him to secure a seamless

succession, the company said in a statement.

He will stay with the company until December 31, 2013 unless asked to leave, presumably after a successor is appointed.

The company was the subject of a failed takeover attempt earlier in the year by South Korea's Posco and Hong Kong's Noble Group and has weighed down in recent years by losses from its struggling steelmaking business.

Arrium shares closed three cents, or 3.47 per cent, higher after a jump in iron ore prices to close at a near four-month high of 89.5 cents.