To express the sense of the Congress that the United States Trade Representative must negotiate a tough but fair multilateral trade agreement regarding steel products before the expiration of the enforcement authority for existing bilateral arrangements governing steel product imports.

Expresses the sense of the Congress that the United States Trade Representative must negotiate a multilateral trade agreement: (1) that provides the U.S. steel industry with a level of protection equal to those enforced under the Steel Import Stabilization Act; (2) that does not include provisions that would weaken U.S. antidumping or countervailing duty laws; and (3) before March 31, 1992.