Steel Import Stabilization Extension Act of 1987

Steel Import Stabilization Extension Act of 1987 - Amends the Steel Import Stabilization Act to define "voluntary restraint agreement (VRA) country" to mean a foreign country or customs union that is a party to a bilateral arrangement with the United States concerning steel imports. Defines "non-VRA country" to mean a foreign country or customs union that is not a party to such an arrangement with the United States and whose exports of steel products to the United States: (1) have been increasing since 1984; or (2) are subsidized or dumped, or both. Requires the U.S. Trade Representative to decide which foreign countries and customs unions are "non-VRA countries."

Directs the President to negotiate with VRA countries to extend, through September 30, 1992, existing bilateral steel arrangements with such countries in order to implement the national policy for the U.S. steel industry. Directs the President to negotiate and enter into similar arrangements with non-VRA countries. Sets forth time requirements with respect to negotiations with non-VRA countries.

Authorizes the President, if such VRA countries and non-VRA countries refuse to negotiate in good faith, to impose, through September 30, 1992, such quantitative restrictions as may be necessary to ensure that annual imports of steel products from such countries do not exceed levels set forth in any applicable bilateral arrangement or levels consistent with U.S. national policy. Requires the President to report annually to the House Committee on Ways and Means and the Senate Committee on Finance on implementation of this Act.