June 05, 2012
William Lounsbury for The Boston Globe
Bain Capital invested $8 million in GS Industries in Kansas City, Mo. in 1993.
Jeff Jones, who worked at GS Industries for its final seven years, said Bain’s and Romney’s decisions set up the mill for failure.
The steel maker slide into bankruptcy in 2001, and the mill soon closed, costing 750 workers their jobs.
“He says he never had anything to do with this, but in fact he had everything to do with closing down the plant,’’ Jones said of Romney.
“And they took everything away from us . . . and that’s not right,” said Vernon Corliss, who worked at GS Industries.
Chad Ryan for The Boston Globe
In 1994, Bain Capital invested $18 million in Steel Dynamics in Butler, Ind., an investment that produced a different outcome.
At Steel Dynamics, the mill’s brisk business produced jobs that paid steel workers an average of $80,000 a year.
“A lot of things would probably be different if they weren’t around,” Dan Keller, who works for Steel Dynamics, said of Bain.
Steel Dynamics posted $8 billion in net sales last year.
“These guys are risk-based investors.,’’ said Keith Busse, chairman of Steel Dynamics. “Sometimes you win, and sometimes you lose.’’