Prescribes qualifying events (acquisition, closing, election, or bankruptcy transfer) as a result of which the United States shall assume liability for the provision of steel retiree benefits for each eligible retiree and eligible beneficiary certified for participation in the retiree benefits program.
Requires transfer to the Trust Fund by a qualified steel company and any applicable acquiring company of all assets which, under the terms of an applicable collective bargaining agreement, were required to be set aside under an employee benefit plan or otherwise for the provision of the steel retiree benefits. Requires contributions to the Trust Fund by such companies.