A bill to amend the Steel Import Stabilization Act to support the President's national policy for the steel industry by stabilizing steel imports from countries not parties to bilateral arrangements under the President's national policy for the steel industry.

Amends the Steel Import Stabilization Act to require the Secretary of Commerce to find out how many non-covered steel products were imported from each country during the four calendar quarters preceding October 1, 1984. Defines non-covered steel products as steel products exported to the United States from a country which on September 30, 1985, is not a party to a bilateral arrangement covering steel products. Directs the Secretary of the Treasury, upon request from the Secretary of Commerce, to ensure that the quarterly tonnage of each non-covered steel product imported from a foreign country does not exceed 70 percent of the average quarterly tonnage of each such non-covered steel product from that country during the four calendar quarters immediately preceding October 1, 1984. Requires the Secretary of Commerce to make such request whenever the Secretary determines that such imports from a foreign country exceed that 70 percent level.