Revitalized American Industrial Steel Effort Act

Revitalized American Industrial Steel Effort Act - Establishes the American Steel Corporation as a mixed-ownership Government corporation.

Provides that the five-member board of directors of the Corporation shall be appointed by the President, by and with the advice and consent of the Senate. Requires that, of such five members: (1) two be representative of upper-level management of a profitable steel company and selected from a list recommended by the American Iron and Steel Institute; (2) one be representative of the financial community and selected from lists recommended by financial institutions, the financial community, and recognized financial leaders; and (3) two be representative of steel labor and selected from a list recommended by the United Steelworkers of America-AFL-CIO. Requires that each such list consist of at least three qualified individuals. Makes the Secretary of Labor or the Secretary's delegate an ex officio, non-voting member of the board. Sets forth provisions for board selection of a chairman, terms of office, meetings, compensation, and completion of organization.

Directs the Corporation to purchase a qualified steel plant or plants on such terms and conditions as the board considers appropriate. Defines "qualified steel plant" as one that: (1) ceased to operate within the two-year period ending on the date of enactment of this Act; (2) was able to produce more than 3,000,000 tons of raw steel a year when fully operating; (3) was in a community which suffered economic upheaval because of the plant's closing; (4) was the predominant source of employment for the majority of individuals in the labor force living in that community; (5) is situated in a county where unemployed skilled steel workers are available for work, where the total labor force was between 90,000 and 100,000 persons in 1984, and where the unemployment rate was not less than 11 percent in 1984; (6) has specified types of and capacities in its ironmaking and steelmaking facilities; and (7) has the capability to produce a wide range of products, including specified types of products.

Directs the Corporation to operate any steel plant by: (1) repairing or replacing its equipment and facilities; (2) phasing-in plant operation; (3) adopting and following management and operating practices that are likely to result in profits within a reasonable period of time; and (4) selling the plant back to the private sector when it has become reasonably profitable, but in no event later than ten years after the date of enactment of this Act.

Requires the Corporation, for any steel plant it is operating, to produce: (1) high quality steel products; and (2) ensure fair competition domestically by selling all products at the prevailing market price.

Requires the Corporation to first hire, for any plant it has purchased, steel workers who have been laid off from that plant in the order in which they were laid off, as long as any such worker is still living in the plant vicinity and qualified to do the available job.

Requires the Corporation to pay each worker no less than the pay established and negotiated, as of the date of the enactment of this Act, by the United Steelworkers of America for that job. Requires the Corporation to provide the same or greater fringe benefits, seniority rights, and retirement benefits as the worker was entitled to or had accumulated before being laid off (except that no retirement payments may be made until six months after the plant begins operations).

Directs the Corporation to establish a trust which forms part of an employee stock ownership plan. Requires such plan to: (1) be maintained by the Corporation; (2) satisfy specified requirements under the Internal Revenue Code; (3) benefit 90 percent or more of all employees of the Corporation, excluding those who have not satisfied minimum requirements for plan participation; (4) grant each participant a nonforfeitable right to accrued benefits; (5) provide for allocation of employer contributions in equal amounts to the accounts of all participants; and (6) provide that distributions from the trust are made in accordance with specified requirements under the Internal Revenue Code.

Directs the Corporation to either continue or create an organization within the Corporation through which employees and management can participate jointly in solving problems of the Corporation, with the goal of improving efficiency, productivity, profitability, and employee morale. Provides that employees of the Corporation shall not be deemed to be Federal employees.

Directs the Corporation to conduct research and development, either alone or jointly with private industry, to improve steel manufacturing technologies and types of products. Requires the Corporation to allow the private entity to share with the Corporation for a ten-year period the rights to any new discoveries made through the joint venture.

Sets forth the powers of the Corporation. Sets forth provisions relating to the Corporation's principal office, designated agent, and officers.

Requires the Corporation to report annually to the President and the Congress, and to make copies of the report available to interested persons at a reasonable cost.

Directs the Secretary of Labor to submit to the board and the Congress, within six months after the date of the completion of the organization of the Corporation, a study of the long-term viability of the Corporation's involvement in the steel industry. Requires such study to assess: (1) the impact of likely trends and events on the steel industry and the Corporation; and (2) the adequacy of the industry's existing structure to make necessary technological and corporate adjustments. Directs the Secretary to submit to the Congress an annual comprehensive assessment of the state of the steel industry and its interaction with the economy. Requires the board to take the results of the six-month study and each annual assessment into account when examining and evaluating the Corporation's finances and operations.

Adds the American Steel Corporation to a list in specified provisions of Federal law relating to the definition of mixed-ownership Government corporations.

Exempts the Corporation from Federal, State, and local income taxes.

Requires the Corporation's receipts and disbursements to be presented annually in the Budget of the U.S. Government, but not be included in the totals of the Budget.

Authorizes appropriations to the Corporation for fiscal years beginning after September 30, 1985, in such amounts as may be necessary to carry out this Act.