tinydancer
Diamond Member
Hot off the grill at the Daily Mail we have another major whopper from the "Romney killed my wife ad".
Bain Capital's investment did not shut down GST Steel
'Mitt Romney and Bain Capital made millions for themselves and then closed this steel plant,' a dramatic headline in the ad reads.
The real story is much more complex.
Bain Capital was one of several investors that paid $80million to buy the plant from Armco in 1993.
At the time it was struggling. Armco lost $640million that year. The American steel industry was in the midst of massive shutdowns and struggles as they lost ground to cheaper foreign imports, the Wall Street Journal reports.
Bain folded the Kansas City plant, GST Steel, into a company called GS Industries, which made $1billion in revenues by 1996.
GST Steel in Kansas City closed, laying off 750 workers including Mr Soptic.
It was the only plant in GS Industries that was forced to shut down as a result of the bankruptcy reorganization, the Journal reports.
Read more: Deception revealed in Obama attack ad that blames Mitt Romney for woman's cancer death | Mail Online
Bain Capital's investment did not shut down GST Steel
'Mitt Romney and Bain Capital made millions for themselves and then closed this steel plant,' a dramatic headline in the ad reads.
The real story is much more complex.
Bain Capital was one of several investors that paid $80million to buy the plant from Armco in 1993.
At the time it was struggling. Armco lost $640million that year. The American steel industry was in the midst of massive shutdowns and struggles as they lost ground to cheaper foreign imports, the Wall Street Journal reports.
Bain folded the Kansas City plant, GST Steel, into a company called GS Industries, which made $1billion in revenues by 1996.
GST Steel in Kansas City closed, laying off 750 workers including Mr Soptic.
It was the only plant in GS Industries that was forced to shut down as a result of the bankruptcy reorganization, the Journal reports.
Read more: Deception revealed in Obama attack ad that blames Mitt Romney for woman's cancer death | Mail Online