Prescribes procedures by which an eligible buyer may petition for transfer to the Steel Industry Legacy Relief Trust Fund (established by this Act) of all assets of the acquired company which were required to be set aside for provision of the steel retiree benefits, liability for which is relieved by operation of this Act.
Requires eligible buyers to make specified contributions to the Trust for ten years following acquisition of another steel company.
Requires the Secretary to provide for the purchase of coverage of steel retiree health benefits for eligible retirees, surviving spouses, and dependents.
Requires deposit in the Trust Fund of amounts equivalent to certain duties on imports of basic steel mill products.
Establishes the Steel Transition Board to review and approve or disapprove applications for expedited antitrust review of steel company acquisitions by eligible buyers petitioning for assistance under this Act.
Amends the Employee Retirement Income Security Act of 1974 to treat as terminated any qualified defined benefit plan maintained by the acquired company in any qualified acquisition under this Act.