Steel Revitalization Act of 1989
Steel Revitalization Act of 1989 - Sets forth quotas on the aggregate quantity of articles that may be imported within all steel categories and within each steel category for quota years 1989 through 1997 (corresponding to FY 1990 through 1998). Limits the aggregate quantity of such articles for any year to a specified percentage of the domestic consumption.
Sets forth a foreign country limitation with respect to the importation of such steel articles. Requires the Secretary of Commerce to determine the domestic consumption and compute the quantitative restriction for such articles in a steel category for each year.
Requires the Secretary to: (1) monitor the domestic production in, the exportation from, and the importation into, the United States of articles in a steel category; and (2) notify the Secretary of the Treasury of such determinations and computations.
Requires the Secretary of the Treasury to auction rights to enter quantities of articles within the steel categories during each quota year. Requires the Secretary of the Treasury to deposit auction monies into the Steel Revitalization Fund.
Requires the President, before quota year 1989, to negotiate with foreign countries for an orderly transition from voluntary steel restraint agreements to the quantitative restrictions imposed under this Act.
Permits any domestic steel product manufacturer to submit, for the Secretary's approval, a restructuring plan that will enable such manufacturer to compete on an international basis. Authorizes the Secretary to provide financial assistance to steel manufacturers with approved restructuring plans. Authorizes the Secretary to establish a plan review advisory council to review and provide advice regarding restructuring plans.
Establishes the Steel Revitalization Fund within the Treasury.
Terminates the quantitative restrictions imposed under this Act on September 30, 1998.
Referred to the Subcommittee on Economic Stabilization.