A bill to allow certain steel companies to elect a 15-year carryback of 50 percent of investment tax credit carryforwards in existence as of the beginning of their 1st taxable year beginning after December 31, 1985.

Amends the Internal Revenue Code to allow certain steel companies to elect a 15-year carryback of 50 percent of investment tax credit carryforwards in existence as of the beginning of their first taxable year beginning after December 31, 1985.

Requires any steel company receiving a refund due to such carryback to use such a refund either: (1) to purchase an insurance policy to provide employee life and health insurance coverage for one year after the beginning of bankruptcy proceedings; or (2) directly in connection with the trade or business of the corporation in the manufacture or production of steel.