Local Company Gets "Props" In Romney Acceptance Speech

By Jeff Neumeyer

August 31, 2012 Updated Aug 31, 2012 at 4:56 PM EST

NORTHEAST Ind. (Indiana's NewsCenter) --- A Northeast Indiana company got positive "P-R" Thursday night during Mitt Romney's Republican Convention address.

Steel Dynamics got time in the national spotlight.

SDI has $8-billion in annual sales and more than 6,500 workers right now in plants across the country.

But in the early 1990's, Keith Busse and the other founders needed cash --lots of it-- to get started, and Mitt Romney's private equity firm, Bain Capital, stepped up to the plate.

With running mate Paul Ryan looking on, the GOP presidential nominee addressed the Tampa Florida convention crowd, talking of his credentials for creating good paying jobs.

Romney said Bain Capital was approached about taking a risk on something many thought we'd never see again -- construction of a steel mill in the U.S.

" We took a chance and built one in the cornfield of Indiana. Today Steel Dynamics is one of the largest steel producers in the United States. These are American success stories," said Romney, to the cheers of supporters.

" I think their original investment was $18-million. Bain has had an incredible track record, because they have more that win than lose," said Mark Millett, the President and CEO of Steel Dynamics.

Bain sold its interest in SDI a few years later, and reportedly made $85-million.

Critics say Bain killed off a lot of jobs in other deals, leaving plant closings and economic suffering.

But the Steel Dynamics story is a good one, which Mitt Romney was only too happy to trumpet to a national audience.




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