Steel Import Stabilization Act

Steel Import Stabilization Act - Expresses the sense of the Congress that: (1) the President should implement the national policy for the steel industry in a manner that restores the foreign share of the U.S. market for carbon and alloy steel products to approximately 17 percent; (2) the national policy for the steel industry should not be implemented in a manner contrary to the antitrust laws; and (3) if the national policy for the steel industry does not produce satisfactory results within a reasonable time, the Congress will consider taking legislative actions to stabilize conditions in the domestic market for steel and iron ore products. Defines the national policy for the steel industry as those actions and elements described in Executive Communication 4046, dated September 18, 1984.

Authorizes the President, subject to specified conditions, to carry out such actions as may be necessary or appropriate to enforce the quantitative limitations and restrictions contained in each bilateral arrangement (an arrangement made to implement the national policy for the steel industry) or other export measure required by a foreign government or customs union. Directs the President, in applying such authority, to cover all categories of carbon and steel alloy products, to avoid distortions among those categories, and to include all exporting countries and customs unions from which there are or have been surges in exports of those products to the United States. Terminates the authority of the President to carry out such actions: (1) five years after the effective date of this Act; or (2) at the close of the first, second, third, or fourth anniversary of such date unless the President submits a specified affirmative annual determination before each such anniversary to the House Ways and Means Committee and the Senate Finance Committee. Defines an affirmative annual determination as a determination by the President that during the past year the steel industry has: (1) invested substantially all of its net cash flow from carbon and alloy steel product operations for purposes of reinvestment in, and modernization of, that industry; and (2) taken sufficient action to maintain its international competitiveness. Prohibits the President from finding compliance with the reinvestment and modernization requirement unless: (1) each major company with significant reinvestment or modernization needs has committed all of its net cash flow (except that required for retraining) from carbon and alloy steel product operations during the applicable 12-month period to meet those needs; and (2) each major company that has or reasonably anticipates significant unemployment in such operations has committed for the applicable 12-month period not less than one percent of such net cash flow to the retraining of workers, including those laid off at any time since January 1, 1982.

Directs the President in making such determination to take into account such information as may be available from the U.S. International Trade Commission and other appropriate sources.

Directs the Secretary of Labor to report to Congress, within six months of the effective date of this Act, a plan for assisting workers in communities that are adversely affected by imports of carbon and alloy steel products.

Amends the Trade Act of 1974 to extend through FY 1987 trade adjustment assistance for workers and firms.