Fair Trade in Steel Act of 1983

Fair Trade in Steel Act of 1983 - Declares that it is the policy of Congress that access to the U.S. market for foreign-produced carbon, alloy, and specialty steel mill products should be on an equitable basis to safeguard national security, insure orderly trade in steel mill products, reduce unfair trade in steel mill products, and alleviate U.S. balance-of-payments problems.

Limits annual imports of specified steel mill product categories to specified percentages of the apparent domestic supply which are based on adjusted average import penetration levels for each such product category for the years 1979, 1980, and 1981. Directs the Secretary to allocate global product limitations among foreign countries, groups of countries, or areas. Sets forth guidelines for making such allocations.

Requires the Secretary of Commerce to make an annual determination of the expected apparent domestic supply in each steel mill product category. Requires the Secretary to revise such determination periodically during the year.

Directs the Secretary to monitor capital investments in steel operations made and announced by the steel industry. Authorizes the Secretary to consult with steel industry representatives with respect to such investments. Requires the Secretary to consult with such representatives and with steel industry employees if the Secretary believes that the capital investment made or announced is substantially less than the cash flow generated from steel operations. Requires the Secretary to report to Congress and authorizes the Secretary to modify or suspend import limits on steel mill products if the Secretary determines that commercial conditions or other relevant considerations do not justify such reduced level of capital investment in steel operations.

Directs the Secretary to examine the supply and demand situation in the United States for a specified steel product category if reguested by affected steel consumers. Sets forth criteria to be used in determining short supply.

Directs the Secretary to monitor imports of fabricated steel mill products. Sets forth the method of investigating whether imports of fabricated steel products are rendering ineffective or materially interfering with the objectives of this Act.

Limits the quantity of iron ore that may be entered from any source other than Canada during any calendar year after 1983. Directs the Secretary to allocate global iron ore limitations among foreign countries, groups of countries or areas (excluding Canada from any such allocation). Sets forth guidelines for making such allocation.

Provides for the enforcement and implementation of this Act.