Steel Trade Liberalization Program Implementation Act

Steel Trade Liberalization Program Implementation Act - Amends the Steel Import Stabilization Act to declare that the Congress supports the implementation of the steel trade liberalization program.

Expresses the sense of the Congress that the United States Trade Representative should conduct negotiations, through the Uruguay Round of negotiations under the General Agreement on Tariffs and Trade and through complementary bilateral arrangements, to seek an international consensus regarding steel trade that provides for: (1) disciplines over trade-distorting government subsidies; (2) the lowering of trade barriers to ensure market access; and (3) enforcement measures to deal with violations of consensus obligations. Requires the President to provide the Congress an annual assessment of progress of such negotiations.

Extends the Steel Import Stabilization Act for a three-year period. Authorizes the President, between October 1, 1989, and the concluding of any bilateral steel arrangement, to take necessary actions to ensure an orderly transition to such arrangement. Authorizes the Secretary of Commerce to permit the importation of additional quantities of steel products without regard to any aggregate quantitative import limitation arrangement in effect if: (1) such bilateral arrangement includes a short supply provision; and (2) the Secretary determines that a short supply situation exists in the United States with respect to any steel product subject to such arrangement.

Authorizes the filing of petitions requesting the Secretary to determine whether a short supply situation exists. Requires the Secretary to provide an opportunity for comment by interested persons regarding issues raised in such petitions. Directs the Secretary to publish such determinations in the Federal Register.

Requires the International Trade Commission to seek information: (1) from purchasers, as well as domestic producers, of steel products regarding improvements in domestic quality and service that result from industry modernization; and (2) on worker retraining efforts of the steel industry.

Amends the Tax Reform Act of 1986 to treat certain ethyl alcohols produced in an insular possession or beneficiary country as indigenous products of such possession or country if certain requirements are met.

Amends the Internal Revenue Code with respect to environmental taxes on petroleum to revise the financing rate for the Hazardous Substance Superfund.