Steel Trade Act

Steel Trade Act - Declares the policy of the Congress that access to the United States market for foreign-produced carbon and specialty steel mill products and other steel products should be on an equitable basis to safeguard the national security, insure orderly trade in carbon and specialty steel mill products and other steel products, alleviate United States balance-of-payments problems, and provide an opportunity for a viable United States steel industry and prevent further disruption of United States steelworkers.

Provides that beginning January 1, 1973: (1) the total quantity of carbon and specialty steel mill products which may be entered shall be limited to 14,709,000 tons and (2) the total quantity of other steel products which may be entered shall be limited to 411,000 tons.

Provides that beginning with the year 1974, the total quantities of carbon and specialty steel mill products and other steel products which may be entered during that year and during each succeeding year shall be increased by 2 1/2 percent per year over the tonnages permitted to be entered in the preceding year.

Provides that subject to the overall limitations: (1) the percentage of the total quantity of imports of those articles in any year represented by imports from a particular nation shall not exceed the percentage of total imports represented by imports from that nation during the year 1968; (2) the percentage of the total quantity of imports of carbon and specialty steel mill products and other steel products which may be entered in any year represented by imports in a particular category shall not exceed the percentage of total imports represented by imports in that category during the year 1968; and (3) the percentage of the total quantity of imports of those articles in any year cleared through any customs District shall not exceed the percentage of total imports represented by imports which cleared through such district during the year 1968.

Provides that the quantity of imports of carbon and specialty steel mill products and other steel products from any nation in either half of any year shall not exceed 60 percent of the total permissible quantity of imports from that nation in that year.

Authorizes the President to enter into international arrangements or agreements with foreign governments or other instrumentalities or to solicit the making of voluntary undertakings by foreign steel producers or associations thereof limiting, by category, the quantities of carbon and specialty steel products and other steel products originating in such nations or instrumentalities which may be entered.

Provides that import limitations established under this Act shall be administered by the Secretary of Commerce. Defines various terms used in the Act.