Fair Trade in Steel Act of 1982

Fair Trade in Steel Act of 1982 - Declares that it is congressional policy to allow access to the U.S. market for foreign-produced steel on an equitable basis in order to safeguard the national security, insure orderly trade, and alleviate U.S. balance-of-payments problems.

Title I: Steel Tripartite Advisory Council - Directs the President to establish within the Executive Office of the President a Steel Tripartite Advisory Council. Requires the Council to advise the President and Congress on problems within the basic steel industry and to provide advice and recommendations on related domestic and international issues.

Requires other Federal agencies to provide the Council with economic information upon request. Directs the Council to report to the President on the condition of the steel industry.

Title II: Quantitative Restrictions on Imports of Certain Steel Products - Limits to 5,000,000 tons the amount of articles in all steel product categories that may be imported between July 1, 1982, and January 1, 1983. Imposes a further limitation on such imports if unemployment in the domestic steel industry reaches between ten percent and 15 percent for three consecutive months. Prohibits any steel imports if unemployment in the domestic industry for three consecutive months is over 15 percent.

Limits the amount of steel imports in each calendar year after 1982 to 10,000,000 tons. Imposes further limitations on imports depending upon the level of unemployment in the domestic industry.

Imposes additional limitations on imports during any year after 1982 of articles in any one steel product category. Imposes a per country limitation on imports during such years of articles: (1) in all steel product categories; and (2) within any one steel product category.

Directs the Secretary of Commerce to apportion shares of the U.S. market to foreign countries on the basis of information provided by the Secretary of the Treasury.

Declares that it is the goal of this title to ensure that the imports of articles in all steel product categories be equalized on a monthly basis throughout each calendar year. Directs the Secretary of Commerce to impose additional limitations on the imports from a country whose exports to the United States exceed a specified limit.

Authorizes the President to reduce such restrictions imposed under this title if the President makes a specified determination and the Congress, after notification by the President, does not adopt a concurrent resolution disapproving such reduction.

Title III: Quantitative Restrictions on Iron Ore Imports - Limits the amount of iron ore that may be imported: (1) between July 1, 1982, and December 31, 1982, to 7,000,000 tons; (2) during 1983 to 14,000,000 tons; and (3) during 1984 to 14,000,000 tons, unless the Secretary finds that there has been an increase in employment in the domestic iron ore industry. Provides for a ten percent increase in imports in 1984 for each ten percent increase in employment.

Authorizes the Secretary to waive the restrictions on imports of iron ore in order to insure continued operation of domestic steelmaking plants. Requires that such waiver be made on a plant-by-plant basis and only if the Secretary makes a specified determination.