Revitalized American Industrial Steel Effort Act

[AI summary unavailable — showing source text] Revitalized American Industrial Steel Effort Act - Establishes the American Steel Corporation as a mixed-ownership Government corporation. Provides that the five-member board of directors of the Corporation shall be appointed by the President, by and with the advice and consent of the Senate. Requires that, of such five members: (1) two be representative of upper-level management of a profitable steel company and selected from a list recommended by the American Iron and Steel Institute; (2) one be representative of the financial community and selected from lists recommended by financial institutions, the financial community, and recognized financial leaders; and (3) two be representative of steel labor and selected from a list recommended by the United Steelworkers of America-AFL-CIO. Requires that each such list consist of at least three qualified individuals. Makes the Secretary of Labor or the Secretary's delegate an ex officio, non-voting member of the board. Sets forth provisions for board selection of a chairman, terms of office, meetings, compensation, and completion of organization. Directs the Corporation to purchase a qualified steel plant or plants on such terms and cond…