It will be the second windfall in less than three years for the steel industry veteran. Mott took home about $100 million in proceeds from the 2005 sale of International Steel Group, the U.S.-based firm he revived and then sold to steel giant Mittal Steel.

Stelco's three main shareholders will also benefit from the sale, which will see Pittsburgh-based U.S. Steel swallow the Hamilton steelmaker for $38.50 per share.

"The potential synergies are significant," said U.S. Steel CEO John P. Surma, who met with The Spectator's editorial board yesterday. "For U.S. Steel, this is a very strategic transaction."

Mott, 55, took the reins at Stelco during one of the most difficult periods in its 97-year history. When he arrived in 2006, Hamilton's storied steelmaker had just emerged from two years of restructuring that became one of the longest and most complicated in Canadian history.

Mott set about restructuring Stelco's operations and reducing the workforce from more than 5,000 workers to 3,600 through buyout and retirement incentives. Source...