A bill to amend the Steel Import Stabilization Act.

Amends the Steel Import Stabilization Act to provide that any steel product that is manufactured in a country that is not party to a bilateral arrangement (a non-arrangement country) from steel which is melted and poured in a country that is an arrangement country will be treated for purposes of the quantitative restrictions under that arrangement as if it were a product of an arrangement country. Requires the Customs Service, if provided with documentation that a steel product was exported by an arrangement country to a non-arrangement country where the product was transformed for export to the United States, to treat such documented product as if it were a product of the arrangement country for purposes of quantitative restrictions.

Requires the U.S. Trade Representative to consult with Canada, Sweden, and Taiwan for the purpose of negotiating bilateral steel arrangements with such countries. Restricts imports of steel from such countries if such consultations do not result in the successful negotiation of arrangements within 90 days of enactment of this Act.