Out of the Furnace

The film was produced by Relativity Media, Appian Way Productions, Red Granite Pictures, and Scott Free Productions, with Jeff Waxman, Tucker Tooley, Brooklyn Weaver, Riza Aziz, Joey McFarland, Joe Gatta, Danny Dimbort, and Christian Mercuri serving as executive producers. Director Scott Cooper read an article about Braddock, Pennsylvania, a declining steel industry town outside of Pittsburgh, and the efforts to revitalize it, led by mayor John Fetterman. After visiting, Cooper was inspired to use the borough as the backdrop for a film. Cooper developed the story from The Low Dweller, a spec script written by Brad Ingelsby that had actor Leonardo DiCaprio and director Ridley Scott attached. The studio offered the script to Cooper, which he rewrote, drawing on his experience of growing up in Appalachia and losing a sibling at a young age. DiCaprio and Scott stayed on as producers of the film. The story has no relation to Out of This Furnace, a 1941 historical novel by Thomas Bell, set in Braddock. The Hollywood Reporter reported the film's budget was $22 million.

Is this statement correct "is out of the furnace based on a true story"?
no