Reality Check Resources: Bain Capital
Bain Capital Statement:
"Bain Capital is focused on growing great companies and improving their operations. We are not a political organization, and take no public position on any candidate. Mitt Romney retired from Bain Capital over 13 years ago, but we understand that in a political campaign our exemplary 28-year record will be distorted and complex business situations will be portrayed in a simplistic way. We are extremely proud of our employees and management teams, who have grown revenues in over 80 percent of our 350 companies, which include over 100 start-up investments.
"Bain Capital undertook an ambitious plan in 1993 to turnaround GST Steel, a struggling manufacturer of specialty steel products that was slated for closure if no investor could be found. We invested more than $100 million and many thousands of hours into this turnaround, upgrading its facilities in an attempt to make the company competitive. This was unfortunately at a time when the steel industry came under enormous pressure, and nearly half of all U.S. steel companies went into bankruptcy. During the same period, we helped launch and grow Steel Dynamics, an innovative business that is today the 5th largest steel company in America, a $6 billion global leader, and home to more than 6,000 workers."
