Steel Rehabilitation and Restructuring Act of 1987

Steel Rehabilitation and Restructuring Act of 1987 - Limits to specified percentages of the expected apparent domestic supply annual imports of certain carbon and alloy steel articles and specialty steel products. Sets forth a formula for determining the aggregate quantity of such products that may enter the United States in any calendar year after 1986. Requires the Secretary of Commerce, when allocating such limitations among foreign countries, to consider: (1) relevant provisions of voluntary export restraint agreements; (2) findings of unfair trade practices with respect to steel mill products; and (3) such other considerations as appropriate.

Requires the Secretary, within 60 days after enactment of this Act, and in each October 1 thereafter, to determine the expected apparent domestic supply for such steel products. Requires the Secretary, on each such date, to determine and publish in the Federal Register the allocation for the next succeeding calendar year of permissible imports of such products by country or area. Requires quarterly revisions of such determinations.

Declares that it is a goal of this Act to ensure that the entry of such steel products be equalized, taking into account historical seasonal variations.

Sets forth circumstances under which the Secretary may provide additional quantitative restrictions on such products.

Requires the Secretary, within 90 days after enactment of this Act, to determine whether U.S. steel companies have plans to utilize all of the cash flow from the steel sector for reinvestment in, and the modernization of, the steel sector. Provides that if such determination is negative, the quantitative restrictions on steel imports shall not take effect until the Secretary determines that such companies have plans to reinvest in the steel sector. Requires the Secretary, if there is an affirmative determination with respect to steel company reinvestment, to monitor, for a 12-month period, steel sector investments made by the steel industry. Requires the Secretary, on each anniversary of an affirmative determination, to determine whether steel companies are continuing to utilize substantially all the cash flow from the steel sector for reinvestment. Requires major steel companies to commit for the applicable 12-month period not less than one percent of net cash flow to the retraining of workers, except that such requirement may be waived by the President if unusual economic circumstances exist for such company.

Permits the entry of additional tonnage of steel products into the United States in cases where domestic producers are unable to supply domestic demand for such products.

Requires the Secretary to monitor the importation of fabricated steel mill products whenever there is reason to believe that such products are being, or are likely to be, imported into the United States in such quantities as to render ineffective the objectives of this Act. Requires the Secretary to advise the President on such matters. Requires the President to request the International Trade Commission (ITC) to initiate an investigation to determine such facts. Authorizes the President, if the ITC makes an affirmative determination, to impose an import surcharge or quantitative limitation on such products in order that entry of such products will not render ineffective the objectives of this Act.

Limits the quantity of imported iron ore during any calendar year after enactment of this Act to a specified percentage of the expected apparent domestic supply.