Romney/Bain responsible for GST Steel demise?

21 May

The Wall Street Journal from May 18th has a great expose of the Obama campaign claim that Bain Capital raped and murdered GST Steel.  I found this  chronology at

http://online.wsj.com/article/SB10001424052702303360504577410573651845802.html#articleTabs%3Darticle

In short, the Obama campaign ad seems to be pretty much a complete lie — and I’m sure that Obama himself knows it.

The Cliff Notes version goes something like this:

1.  Bain bought this plant from another company that was on the brink of bankruptcy, and Bain sunk $100 million into successfully turning it around.

2.  This plant became part of GS Industries under Bain management, and was thriving for several years — until . . .

3.  There appeared on the scene a wave of Asian steel imports, and American steel companies were dropping like flies.

4.  Bain tried to get concessions from the union to allow the plant to stay in business, but the union not only would not give any concessions, but got pretty ugly about it.

5.  Ultimately, the doors had to shut.

6.  This bankruptcy occurred 2 years AFTER Romney had left the company.

Bottom line, Bain extended the life of this company for eight years before the Asian imports and union inflexibility did them in.

If the above is true, the Obama campaign ad is a shameful string of lies.

Can anyone disprove the WSJ version?

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