Romney camp counters Bain attack with their own steel video
May 14th, 2012
04:01 PM ET
3 years ago

Romney camp counters Bain attack with their own steel video

(CNN) – Hours after President Barack Obama's re-election team launched an attack on Mitt Romney's role in a now-bankrupt steel plant, the likely Republican nominee released his own web video touting another steel company that's now thriving.

Romney's team pointed to Steel Dynamics in the web video, which is thriving more than a decade after an investment from Bain Capital, the private equity firm Romney founded and ran in the 1980s and 90s.

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The video features workers calling Steel Dynamics "the perfect entrepreneurial story," and noting the company has more than 6,000 employees. The company's success can be traced to Romney, one worker asserts.

"SDI almost never got started," the worker in the ad says. "When others shied away, Mitt Romney's private sector leadership team stepped in."

Romney and Bain's investment led to greater social mobility for Steel Dynamics employees, one man says in the spot.

"One of the hardest things to do is move up a socioeconomic status in a generation. I said because of this company, I'm able to do that with my family," a worker says.

The Romney campaign web video comes after Obama's team began a multi-pronged assault on the Republican's time as chief executive of Bain, highlighting GST Steel, which didn't fare as well as Steel Dynamics.

Workers featured in a 2-minute Obama ad claim Bain and Romney gutted the company for a profit, and left it to go bankrupt.

"They came in and sucked the life out of us," one worker said in the Obama ad. "It was like watching an old friend bleed to death."

GST Steel went bankrupt in 2001, after Romney had given up day-to-day involvement in Bain's business dealings. He remained the company's CEO, however, and continued to profit from its investments.

Romney frequently used Steel Dynamics, along with Staples and Sports Authority, to defend himself against attacks of his Bain record during the Republican primary. At the time, he was weathering attacks from GOP rivals who said his time running Bain was indicative of a reckless attitude toward American workers.

A Los Angeles Times report from January indicated Steel Dynamics enjoyed millions of dollars in government subsidies and tax breaks from the state of Indiana and the county where the company is based.

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Filed under: 2012 • Mitt Romney
soundoff (46 Responses)
  1. Blindersoff

    @ Steel worker, you are still in captivity. Your mind set is skewed beyond repair, if you are considering Romney. Have you taken a good look at Romney's new clothes? He's not wearing any. No core, no policy, no good for America.

    May 14, 2012 04:42 pm at 4:42 pm |
  2. 2020

    Staples? how much contents are made in USA?

    May 14, 2012 04:42 pm at 4:42 pm |
  3. Sniffit

    And let's not forget: who here thinks Steel Dynamics is likely in line to receive a whole bunch of business if Mittens is elected and raises military spending astronomically as he's promised to do? Yeah. Anyone want to guess how much steel sheeting is required to build a C5 cargo plane or an armored tank?

    May 14, 2012 04:43 pm at 4:43 pm |
  4. gg

    when places like wal-mart labels say[ made in america ] there will be no tax or unemployment problem ,mitts[ sold in america] will change nothing.states that depend on the military industral complex ,for there economy will benifit with mitt. the question is who,s going to put up the trillion plus to pay for it. put health care,social security,medicad,medicare and other social safety nets on hold,in the name of national security.never to return

    May 14, 2012 04:44 pm at 4:44 pm |
  5. Woman In California

    GST Steel went bankrupt in 2001, after Romney had given up day-to-day involvement in Bain's business dealings. He remained the company's CEO, however, and continued to profit from its investments.

    This one paragraph says it all. Willard is not/ has not/ and will NEVER be fit to be POTUS.

    May 14, 2012 04:49 pm at 4:49 pm |
  6. Paul Ernest Show

    Where there is smoke, there must be fire. Romney's easy and quick ways to be dishonest is so troubling. America needs a leader with integrity. We are now respected and even admired around the world, and with Romney attacking and describing Russia as an enemy, it's ominous , even dangerous. He fails every test of leadership. If a bishop could be this dishonest, I wonder what world we are going to have under Romney.

    May 14, 2012 04:49 pm at 4:49 pm |
  7. Darryl

    People don't have a problem with anyone getting rich.What the problem is, is that how you go about doing it.When you deliberately create a situation where innocent people are the victum for your financial gain, thats where it's a problem.Thats the kind of stuff M.Romney did. When greed and power trump all odds, you create hardships and failure and dispair and sometimes even death. Romney idin't cause death that I know of, but he did cause the rest I just mentioned.People can't relate to that.The majority of people are working hard and trying to pay the bills and keep a roof over their heads.Money,Power & Greed will never be the answer to happiness.In the long run President Obama will come out on top and win the people over. He stands up for the very people who need to have a voice and have a place and most of all to be respected and accepted.The results will show this country on November who the people will stand by. President Obama will continue on as POTUS,Comander & Chief.

    May 14, 2012 04:52 pm at 4:52 pm |
  8. Marie MD

    What is he hiding? We know he made money by using other people's money. He send American jobs overseas (along with his vaiours bank accounts) and he closed companies and manufacturing plants.
    This is the man who was for everything and is now against it all. He is a bully and, regardless of his no dignity wifey, he is not a prankster, he is a first class bully!!!

    May 14, 2012 04:53 pm at 4:53 pm |
  9. mcskadittle

    you got to wonder about what kind of simpleton would give their vote so clueless to anybody but insert silly name for the president.

    May 14, 2012 04:53 pm at 4:53 pm |
  10. Sniffit

    "In the private sector, businesses will succeed or fail based on the economy not on government handout or the union."

    Is that why Steel Dynamics received millions of federal handouts and special tax breaks?

    May 14, 2012 04:56 pm at 4:56 pm |
  11. Flipper Rmoney Failure Ahead

    "A Los Angeles Times report from January indicated Steel Dynamics enjoyed millions of dollars in government subsidies and tax breaks from the state of Indiana and the county where the company is based."

    Some of us have been saying along that Rmoney is a parasitic vulture capitalist and corporate welfare queen who owes much of his success to the US taxpayers. Here's more proof.

    May 14, 2012 05:01 pm at 5:01 pm |
  12. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    Etch-a-Sketch Mitt Romney created Steel Dynamics "the perfect entrepreneurial story," indeed!!!
    The company where Steel Dynamics enjoyed millions of dollars in government subsidies and tax breaks from the state of Indiana and the county where the company is based!!!

    How is that for creating jobs Mitt?....if you believe that Etch-a-Sketch Mitt Romney is JOB CREATOR I got a MA 47TH JOB CREATION record to sell you free of charge!!!!

    May 14, 2012 05:05 pm at 5:05 pm |
  13. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    Etch-a-Sketch Mitt Romney even OUTSOURCED the STATE of MA govt JOBS to a call center in INDIA!!

    Now that's a 47th JOB CREATION RECORD MITT ROMNEY should be PROUD OF!!!!

    May 14, 2012 05:11 pm at 5:11 pm |
  14. normajean @ verizon ,com

    THAT'S ONE COMPANY...SHALL WE TRY FOR TWO???........To hear Romney tell it...you'd think there were millions of workers that he managed to put into jobs.... where are they....why aren't they coming forward to stand up for him???

    May 14, 2012 05:20 pm at 5:20 pm |
  15. steven harnack

    So, out of two companies that were both up and running, one is still running but the other was sold off in bits and pieces and all of it's workers were fired, and Romney made money off of both results. This is what he's bragging about? When is he going to write one of those books on How To Get Rich On Other People's Misfortune?

    May 14, 2012 05:28 pm at 5:28 pm |
  16. Gurgyl

    Watch YouTube when mitt Romney came to town... Idiot bain capital ...

    May 14, 2012 05:31 pm at 5:31 pm |
  17. The REAL Truth...

    @richard – don't you think your viewpoint is a little naive? That's the "traditional" viewpoint of venture, not vulture capitalists. Many of the top private equity firms target a business for other than traditional means. Utility companies (TXU), Retailers (Mervyn's), heavy industry have all felt the pain of companies like Bain. Their model is simple – swoop in, strip and sell the assets (land, buildings, pension plans, debt structures) and pocket the profit without concern for the company or workers. This is a model that has worked well for many equity firms.

    May 14, 2012 05:35 pm at 5:35 pm |
  18. gg

    so he was running to the caymans with bags of tax payer money-don,t let this guy any where near-the military or your taxes

    May 14, 2012 05:38 pm at 5:38 pm |
  19. Sniffit

    "why aren't they coming forward to stand up for him???"

    They speak Mandarin.

    May 14, 2012 05:39 pm at 5:39 pm |
  20. Claudia, Houston, Tx

    Romney can't be The Commander in Chief but he can answer the question if this country was imminent danger he'd send your sons and daughters to war but what about his. This man has 5 sons, all adults, Tagg, Matt, Josh, Ben and Craig and not one serves in our military. Do you have a son or daughter serving in the military who wasn't home to enjoy the birth of their baby or tuck their kids to bed at night. Think about it.

    May 14, 2012 05:43 pm at 5:43 pm |
  21. Awaiting Moderation

    NEWSFLASH: Romney Campaign Massively Downgrades The Number Of Jobs It Claims He Created From 100,000 To ‘Thousands’

    May 14, 2012 05:45 pm at 5:45 pm |
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