Steel Trade Act

Steel Trade Act - Limits the total quantity of imported carbon and specialty steel mill products to fourteen million seven hundred and nine thousand tons during the year beginning January 1, 1971. Limits the total quantity of other steel products which may be imported during such year to four hundred and eleven thousand tons. Provides that beginning with the year 1972 and during each succeeding year the total quantities of the above products which may be imported during such year to four hundred and eleven thousand tons. Provides that beginning with the year 1972 and and during each succeeding year the total quantities of the above products which may be imported shall be increased by 1 1/2 percent per year over the tonnages permitted to be imported in the preceeding year.

Declares that: (1) the percentage of the total quantity of the imports of the above products 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 the above products in any year cleared through any customs district shall not exceed the percentage of total imports which cleared through such district during the year 1968.

Authorizes the Secretary of Commerce to adjust the percentage limitations to the extent required by significant changes in the composition of domestic market requirements. Provides that such adjustment shall be consistant with the policy of this Act and shall not increase the total amount of imports permitted to be entered in any year from any country of origin.

Declares that the quantity of imports of carbon and specialty steel mill products and other steel products from any nation under this Act 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 other nations to obtain voluntary compliance with the provisions of this Act. Provides that the countries which enter into such agreements shall not be subject to the provisions of this Act, if the President finds there will be no disruption of the markets.

Requires the Secretary of Commerce to submit a report to Congress, three years after the date of enactment of this Act, as to the effect of the import limitations, together with his recommendations as to whether such limitations should be continued, modified, or revoked.