Kansas City Bolt and Nut Company plant
| Company type | Private (historical) |
|---|---|
| Industry | Steel manufacturing |
| Founded | 1888 |
| Fate | Acquired by Sheffield Steel Corporation in 1925; later became part of Armco Steel; sold to GS Technologies (GST Steel) in 1993; ceased operations in 2001 |
| Headquarters | Kansas City , United States |
Number of employees | 4500 (1950s) |
Kansas City Bolt and Nut Company was a multifaceted steel components producer based in Kansas City, Missouri, employing more than 4,500 workers at its height during the 1950s.
Established in 1888, the company was purchased by Sheffield Steel Corporation in 1925 and became known as a "department store of the steel industry" because of its extensive product variety. Situated close to where the Missouri River meets the Blue River (Missouri), it played a key role in developing Kansas City's Northeast Industrial District, drawing in 30 manufacturers within ten years and inspiring industrial area names such as Sheffield and Birmingham.
In 1930, ownership transferred to Armco Steel, and the facility saw expansion in 1945, becoming one of the largest employers in Kansas City. Later operating under the name Armco Worldwide Grinding System, it was sold in 1993 to GS Technologies, which rebranded as GST Steel Company. The plant experienced a 10-week labor strike in 1997 and ultimately ceased operations in February 2001, leading to 750 job losses.
The shutdown attracted national attention during the 2012 U.S. Presidential election amid examination of Mitt Romney's business background. Romney’s firm, Bain Capital, had taken majority control of GST Steel in 1993 with a $24.5 million investment; however, Romney departed Bain prior to the company's bankruptcy. Former employees accused Bain of burdening the company with debt while generating $58.4 million in profits. At bankruptcy, GST Steel listed liabilities totaling $553.9 million against assets worth $395.2 million and faced a $44 million shortfall in employee pension funding.
The GST Steel name originated from Georgetown Steel in South Carolina, which along with the Missouri plant was consolidated under Bain’s ownership. Although the South Carolina facility closed in 2003, it later reopened under different management.
During the 2012 campaign, an ad featured a former employee who claimed loss of healthcare coverage following the plant’s closure; investigations revealed that his spouse maintained insurance after the shutdown and passed away several years later.