Steel Modernization and Fair Trade Act

[AI summary unavailable — showing source text] Steel Modernization and Fair Trade Act - Amends the Steel Import Stabilization Act to express the sense of the Congress that the President should commence negotiations with steel-exporting nations for the purpose of entering into a multilateral agreement to: (1) reduce or eliminate the use of subsidies, dumping, and other unfair and restrictive trade practices with respect to steel products; and (2) effectuate mechanisms for the enforcement of violations of such agreement. Declares that it is further the sense of the Congress that, if such an agreement is entered into, the President should take action to gradually phase-out bilateral arrangements (without permitting surges in steel imports) and should submit biannually to the Congress a report containing: (1) the operation of the multilateral agreement during the interval; and (2) the share of the domestic market for steel products that was accounted for by foreign-made articles during the interval. Requires the President, until such multilateral agreement is entered into, to reserve a specified percentage of the domestic steel market for articles produced by those foreign countries that: (1) are not engaging in unfair and restrict…