To amend the Emergency Steel Loan Guarantee Act of 1999 to prohibit steel companies receiving loan guarantees from investing the loan proceeds in foreign steel companies and using the loan proceeds to import steel products from foreign countries that are subject to certain trade remedies.

Amends the Emergency Steel Loan Guarantee Act of 1999 to prohibit qualified steel companies that have been issued loan guarantees under such Act from: (1) contributing any of the proceeds of such a loan to any facility located outside the United States that is engaged in manufacture of certain steel mill products (including ingots, slabs, or billets); or (2) using any such proceeds to import iron...