It's probably quite an expensive move as well, depending on the contract. If it had a break-cause, and was terminable on notice, you'd expect that only to apply during the off-season. Or, if notice can be given at any time during the season, it would/should be a reasonably long notice period to ensure enough time to get a new coach in place in the event that the incumbent resigned.
If he's leaving immediately, he'll be paid in lieu of any notice. Has he been there for more than 2 years (calendar day to calendar day)? If so, he'll have acquired certain legal rights, and may therefore have had enough leverage to negotiate a settlement package.
If he lands somewhere like Dundee in the immediate future, he could potentially be double-earning for a short period of time, with the salary he receives from the new club and any notice/compensatory payment from the Steelers. So, unless he doesn't find a new job, I won't be feeling too sorry for him.
Tommy