Specialty Steel Fair Trade Act of 1982

Specialty Steel Fair Trade Act - Establishes quotas on imports of stainless steel and alloy tool steel. Sets forth the method for calculating the quotas.

Authorizes the President to negotiate agreements allocating portions of the U.S. imports of such steel products among supplying countries.

Directs the Secretary of Commerce to administer the import limitations established by this Act. Authorizes the Secretary to take certain actions to avoid disruption of regional markets.

Directs the Secretary to report to Congress four and one-half years after enactment of this Act on whether the quotas should be continued, modified, or revoked and on the effects of the quotas established by this Act on the: (1) economic soundness and employment opportunities in the speciality steel industry; (2) general economy; (3) U.S. balance of payments; and (4) national security.

Requires the quotas to continue in effect for at least five years after enactment of this Act.