Maier had never won a world championship medal in giant slalom
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Austria's Hermann Maier won giant slalom gold at the world championships in Bormio on Thursday.
Maier's compatriot Benjamin Raich took the silver medal and Daron Rahlves of the United States claimed the bronze.
Maier's combined time was two minutes 50.41 seconds, while Raich finished in 2:50.66 and Rahlves in 2:51.09.
American Bode Miller's hopes of a third gold medal ended on the first leg when he crashed into an advertising banner on the Stelvio course.
Miller, who won the downhill and super-G, was trying to become the first man to claim three championship golds since Jean-Claude Killy in 1968.
The American still has two events left in Italy, the slalom and team race.
Maier won an Olympic gold in giant slalom at the 1998 Olympics but was without a medal in the discipline in a world championships.
"It's unbelievable what's happened today, very emotional," said Maier.
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Being on the podium means so much because everything these days is much more difficult
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"The giant slalom world title was missing from my list and it's worth that much more because it's one that you have to fight for over two legs.
"Coming back from an injury, everything is really hard.
"Being on the podium today means so much for me because everything these days is much more difficult."
The former double Olympic and world champion had been off the pace in the speed events, finishing fourth in super-G and 17th in the downhill.
However, he produced a powerful second run to beat Raich by 0.25 seconds and become the first Austrian man to win a world championships giant slalom title since the late Rudi Nierlich in 1991.
Maier's victory was all the more surprising given his poor form in giant slalom since coming back from a motorcyle crash in 2001.
His most recent win on the World Cup circuit was in March 2001 and in his last two races in the event he finished 18th and 28th.
Meanwhile, Raich has now picked up three medals following his bronze in super-G and gold in the combined.
Rahlves had never managed a podium finish in a World Cup giant slalom and finished 16th and 19th in his two other world championship appearances in the discipline.
Men's Giant slalom result:
1. Hermann Maier (Aut) two minutes 50.41 seconds
2. Benjamin Raich (Aut)2:50.66
3. Daron Rahlves (US) 2:51.09
4. Kalle Palander (Fin) 2:51.45
5. Thomas Grandi (Can) 2:51.82
6. Aksel Lund Svindal (Nor) 2:51.99
7. Dane Spencer (US) 2:52.03
8. Rainer Schoenfelder (Aut) 2:52.47
9. Fredrik Nyberg (Swe) 2:52.90
10. Bruno Kernen (Sui) 2:53.00