In the 1990s, when the "old-technology" steel industry in the U.S. was failing, Bain Capital helped build a new steel company, Steel Dynamics, which has grown into one of the largest steel producers in America today, holding its own against Chinese producers. The key to its success? State-of-the-art new technology.Romney's discussion of the second lesson is fairly short, but, throughout much of the primary, he discussed the importance of restoring US manufacturing in the face of competition that was anything other than free and fair trade. Perhaps he will continue to develop this theme in the months ahead.
Here are two lessons from the Steel Dynamics story: First, innovation is essential to the competitiveness of U.S. manufacturing. We are the most innovative, entrepreneurial nation in the world. To maintain that lead, we must give people the skills to succeed. My plan for a stronger middle class includes policies to give every family access to great schools and quality teachers, to improve access to higher education, and to attract and retain the best talent from around the world.
The second lesson is that we must have a level playing field in international trade. As president, I will challenge unfair trade practices that are harming American workers.
Friday, August 24, 2012
Romney: Innovation and Trade Reform Will be Key
In a Wall Street Journal op-ed, Mitt Romney reflects on what his experiences at Bain taught him. Here's a passage particularly relating to manufacturing:
Posted by Fred Bauer at 7:31 AM