Iron Ore, Iron and Steel Orderly Trade Act

Iron Ore, and Iron and Steel Orderly Trade Act - Limits the amount of iron ore, pig iron and steel mill products which may be imported into the United States by giving the President authority to negotiate agreements with nations having an interest in supplying such products to the United States, and establishing import quotas which are correlated to imports over the past few years. Places more stringent restrictions on imports from countries not entering into such possible agreements.

Directs the Secretary of Commerce to administer the import limitations established under this Act and gives him power to: (1) issue necessary regulations to carry out its purpose and (2) remedy any local injury caused by a shift in geographic import patterns. Directs him to review the program and recommend to Congress the continuation, modification, or termination of quota relief. Provides that this Act shall expire on December 31, 1974.