Fair Trade in Steel Act of 1984

Fair Trade in Steel Act of 1984 - Declares that it is the policy of Congress that access to the U.S. market for foreign-produced carbon, alloy, and specialty steel mill products should be on an equitable basis to safeguard national security, insure orderly trade in steel mill products, reduce unfair trade in steel mill products, and alleviate U.S. balance-of-payments problems.

Expresses the intent of Congress to: (1) expand the economic viability of the U.S. steel industry and the jobs of its workers; (2) prevent the further decline of the domestic steel industry; and (3) temper the economic hardships resulting from unemployment in steel industry communities by encouraging reinvestment in existing steelmaking facilities.

Limits annual imports of specified steel mill product categories to specified percentages of the apparent domestic supply which are based on adjusted average import penetration levels for each such product category for the years 1979, 1980, and 1981. Directs the Secretary of Commerce to allocate global product limitations among foreign countries, groups of countries, or areas. Sets forth guidelines for making such allocations.

Requires the Secretary to make an annual determination of the expected apparent domestic supply in each steel mill product category. Requires the Secretary to revise such determination periodically during the year.

Directs the Secretary to determine, within 90 days of enactment of this Act, whether the steel industry companies have plans to use substantially all of the cash flow from the steel sector for reinvestment in and the modernization of the steel sector. Suspends the import restrictions until the Secretary determines that the steel companies have such plans.

Directs the Secretary to monitor steel sector investments made and announced by the steel industry and to consult with steel industry representatives and employees in the course of such monitoring. Directs the Secretary to determine annually whether steel companies are using substantially all the cash flow from the steel sector for reinvestment in and modernization of the steel sector. Directs the Secretary to modify or suspend the relevant import restrictions if the Secretary determines that substantially less than all the cash flow from the steel sector is being used for such reinvestment and modernization and that the level of investment is not demonstrably justified by adverse financial conditions within the industry. Directs the Secretary to publish: (1) each annual determination and its rationale; and (2) the total amount of cash flow from the steel sector and the total amount used for reinvestment in and modernization of the steel sector. Requires the Secretary's annual determination to include an evaluation of the steel industry's progress toward fulfillment of the reinvestment and modernization plans.

Directs the Secretary to examine the supply and demand situation in the United States for a specified steel product category if reguested by affected steel consumers. Sets forth criteria to be used in determining short supply.

Directs the Secretary to monitor imports of fabricated steel mill products. Sets forth the method of investigating whether imports of fabricated steel products are rendering ineffective or materially interfering with the objectives of this Act.

Limits the quantity of iron ore that may be entered from all sources during any calendar year after the effective date of this Act. Directs the Secretary to allocate global iron ore limitations among foreign countries, groups of countries or areas. Sets forth guidelines for making such allocation. Directs the Secretary, in making such allocations, to attempt first to accommodate the requirements of individual steel mills which have been traditionally dependent on ocean sourced foreign iron ore and the requirements of contractual obligations incurred before January 1, 1984. Authorizes the Secretary to waive the import restrictions on iron are if necessary to meet the needs of such individual steel mills.

Provides for the enforcement and implementation of this Act.