The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the April 12, 2005 edition

Apr. 12, 2005. 01:02 AM

Stelco execs got raises last year

Courtney Pratt collected $810,000 as Stelco's chief executive officer last year as the legally insolvent firm steered its way through a restructuring.

Pratt, who joined Stelco in January just a few weeks before it gained court protection from creditors, was also eligible for a cash bonus but he declined it, the company disclosed yesterday in its annual information form. The company did not reveal the size of the bonus he rejected.

Stelco also said Pratt, a former president of Noranda Inc. and Toronto Hydro, received one-million stock options. He did not cash them in last year.

The form also showed compensation for chief operating officer Colin Osborne climbed to $503,600, including a $103,600 bonus. He received $306,667 in salary, plus 310,000 stock options in 2003.

Compensation for chief financial officer Bill Vaughan increased to $361,963, including a $74,463 bonus last year, from total pay of $187,500 in 2003. He also received 20,000 stock options that year.

The information does not include pay for Hap Stephen, Stelco's chief restructuring officer.

A Stelco spokesperson said Stephen is not an employee of the company.