The Globe and Mail reports in its Tuesday edition that the sale of Stelco to U.S. steelmaker Cleveland-Cliffs will be a big windfall for chief executive officer Alan Kestenbaum, who will receive nearly $647-million for his share of the company -- including $40-million from a stock award last year. The Globe's David Milstead writes that the numbers pale, however, compared with the rewards reaped by Mr. Kestenbaum and his private-equity partners who rescued Stelco in 2017 by paying just $70-million in cash to get the steelmaker out of bankruptcy. Cleveland-Cliffs is offering $3.85-billion in cash and stock for Stelco. Mr. Kestenbaum, a metals-industry veteran, partnered with New York investment firm Lindsay Goldberg in the deal. According to Stelco securities filings, Lindsay Goldberg was entitled to 74 per cent of the proceeds from the Stelco investment, with Mr. Kestenbaum getting 24 per cent. Stelco went public in November, 2017, with the company selling 15 per cent to investors at $17 a share. That left the partners owning 85 per cent of the company, or 75 million Stelco shares. A Lindsay Goldberg partnership has sold more than 31.5 million shares since the initial public offering for proceeds of nearly $1-billion.