To amend the Emergency Steel Loan Guarantee Act of 1999 to revise eligibility and other requirements for loan guarantees under that Act.

Amends the Emergency Steel Loan Guarantee Act of 1999 to authorize the Loan Guarantee Board to waive the Emergency Steel Loan Guarantee program requirement that an applicant steel company furnish reasonable assurance that its prospective earning power permits loan repayment, if the Board determines that: (1) the inability of the company to satisfy such requirement is due to reasons of financial hardship beyond company control; (2) the company has demonstrated a good faith effort to be cost efficient in its business practices; and (3) the issuance of such loan guarantee is in the national security interests of the United States.

Increases from 85 percent to 95 percent the maximum principal loan amount to be guaranteed if the Board determines that the aggregate amount of steel imported into the United States during the prior year exceeds 30 percent of the aggregate amount of steel produced in the United States during that year.