Amends the Emergency Steel Loan Guarantee Act of 1999 to extend from 2003 through December 31, 2005, the authority of the Emergency Loan Guarantee Board to make loan guarantee commitments.
States that, in addition to certain funds appropriated under the Act to the Department of Commerce for administrative expenses, an additional $2 million may be made available from the Emergency Loan Guarantee Program for salaries and administrative expenses to administer the Emergency Steel Loan Guarantee Program.