Fair Trade in Steel Act of 1983

Fair Trade in Steel Act of 1983 - Title I: Steel Tripartite Advisory Council - Directs the President to establish within the Executive Office of the President a Steel Tripartite Advisory Council which shall: (1) advise the President and Congress on problems within the basic steel industry; (2) provide advice and make recommendations on certain international and domestic issues; and (3) perform other duties required by title II of this Act. Requires other Federal agencies to cooperate with the Council. Directs the Council to report to the President and Congress on its activities.

Title II: Quantitative Restrictions on Imports of Certain Steel Products - Limits annual imports of steel mill product categories to 11 percent of the expected apparent consumption for that year. Defines steel mill product categories to mean specified categories of carbon and alloy steel articles and stainless steel articles identified in the Tariff Schedules of the United States. Directs the Secretary of Commerce to announce on October 1, and April 1, of each year the quantitative limitation on imports for the six months beginning on the following January 1, and July 1. Prohibits imposing limits on any steel product category unless the Secretary finds that the sector of the domestic steel industry which produces like or competitive articles has, and is engaging in, a verifiable investment plan to modernize that sector. Imposes additional quantitative limits on imports of steel mill product categories.

Declares that it is the intent of this title to ensure, to the extent practicable, that the entry of articles in all steel mill product categories that are products of a foreign nation be equalized on a monthly basis. Provides for imposing additional limitations on imports from a foreign nation if imports from such nation, in any two consecutive months, exceed five percent of an amount equal to one-sixth of the total permissible imports for such nation for the year concerned. Terminates this title on December 31, 1988, unless extended by the President.

Title III: Quantitative Restrictions on Iron Ore Imports - Imposes limits on the imports of iron ore for the last six months of 1983, and for calendar years 1984 and 1985. Authorizes the Secretary to permit imports of iron ore in excess of such limits in order to insure continued operation of domestic steelmaking facilities. Permits such waiver only on a plant-by-plant basis and only if the Secretary makes specified determinations.