I 
108TH CONGRESS 
1ST SESSION 
H. R. 629
To amend the Emergency Steel Loan Guarantee Act of 1999 to prohibit 
steel companies receiving loan guarantees from investing the loan pro-
ceeds in foreign steel companies and using the loan proceeds to import 
steel products from foreign countries that are subject to certain trade 
remedies. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 5, 2003
Mr. STUPAK (for himself and Mr. LATOURETTE) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
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 compa-
nies and using the loan proceeds to import steel products 
from foreign countries that are subject to certain trade 
remedies.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. CONDITIONS ON LOAN GUARANTEES ISSUED 
TO STEEL COMPANIES. 
Section 101(h) of the Emergency Steel Loan Guar-
antee Act of 1999 (15 U.S.C. 1841 note) is amended by 
adding at the end the following: 
‘‘(5) CERTAIN ACTIVITIES PROHIBITED.—
‘‘(A) PROHIBITED ACTIVITIES.—Any quali-
fied steel company to which a loan guarantee is 
issued under this section may not, during the 
period the guarantee is in effect—
‘‘(i) contribute any of the proceeds of 
the loan that is guaranteed to any facility 
located outside the United States that is 
engaged in the production or manufacture 
of any product described in subsection 
(c)(3)(B) of this section; or 
‘‘(ii) use any of the proceeds of the 
loan that is guaranteed to import iron ore 
pellets, ingots, slabs, or billets produced in 
any country if that country is subject to 
trade remedies with respect to any product 
described in subsection (c)(3)(B) of this 
section. 
‘‘(B) PENALTIES
FOR
VIOLATIONS.—(i) 
The Board shall terminate any guarantee 
issued under this section to a qualified steel
company that violates the provisions of sub-
paragraph (A), and shall assess a civil penalty 
of not more than $100,000 for each such viola-
tion. 
‘‘(ii) Any civil penalty under clause (i) may 
be imposed only after notice and opportunity 
for a hearing on the record in accordance with 
sections 554 and 557 of title 5, United States 
Code. 
‘‘(C) DEFINITIONS.—In this paragraph—
‘‘(i) a country is subject to trade rem-
edies with respect to any product described 
in subsection (c)(3)(B) of this section if—
‘‘(I) a countervailing duty order 
or an antidumping order under title 
VII of the Tariff Act of 1930 (19 
U.S.C. 1671 et seq.), or a finding 
under the Antidumping Act, 1921, is 
in effect on imports of any product 
described in subsection (c)(3)(B) of 
this section that is a product of that 
country; 
‘‘(II) the administering authority 
or the International Trade Commis-
sion is conducting an investigation or
making a determination under subtitle 
A, B, or C of title VII of the Tariff 
Act of 1930 with respect to any prod-
uct described in subsection (c)(3)(B) 
of this section that is a product of 
that country; 
‘‘(III) action taken by the Presi-
dent under chapter 1 of title II of the 
Trade Act of 1974 (19 U.S.C. 2251 
et seq.), under section 406 of that Act 
(19 U.S.C. 2436), under chapter 2 of 
title IV of that Act (19 U.S.C. 2451 
et seq.), under part 1 of subtitle A of 
title III of the North American Free 
Trade Agreement Implementation Act 
(19 U.S.C. 3351 et seq.), or under 
subtitle B of title II of the United 
States-Jordan Free Trade Area Im-
plementation Act (19 U.S.C. 2112 
note, is in effect with respect to im-
ports of any product described in sub-
section (c)(3)(B) of this section that 
is a product of that country; 
‘‘(IV) a proceeding is pending 
under chapter 1 of title II of the
Trade Act of 1974 (19 U.S.C. 2251 
et seq.), under section 406 of that Act 
(19 U.S.C. 2436), under chapter 2 of 
title IV of that Act (19 U.S.C. 2451 
et seq.), under part 1 of subtitle A of 
title III of the North American Free 
Trade Agreement Implementation Act 
(19 U.S.C. 3351 et seq.), or under 
subtitle B of title II of the United 
States-Jordan Free Trade Area Im-
plementation Act (19 U.S.C. 2112 
note), pursuant to a determination by 
the International Trade Commission 
of substantial injury that was made 
pursuant to the filing of a petition 
under 
section 
202(a), 
406(a)(1), 
421(b), or 422(b) of the Trade Act of 
1974, 302(a) of the North American 
Free Trade Agreement Implementa-
tion Act, or section 211(a) of the 
United States-Jordan Free Trade 
Area Implementation Act, with re-
spect to any product described in sub-
section (c)(3)(B) of this section that 
is a product of that country; or
‘‘(V) a proceeding is pending 
under chapter 1 of title II of the 
Trade Act of 1974, under section 406 
of that Act (19 U.S.C. 2436), or 
under chapter 2 of title IV of that 
Act, other than pursuant to a petition, 
with respect to any product described 
in subsection (c)(3)(B) of this section 
that is a product of that country; and 
‘‘(ii) the term ‘United States’ includes 
any commonwealth, territory, or possession 
of the United States.’’. 
SEC. 2. EFFECTIVE DATE. 
The amendment made by section 1 applies to—
(1) any loan guarantee issued on or after the 
date of the enactment of this Act; and 
(2) any loan guarantee issued before such date 
of enactment, but only to the extent of any proceeds 
of the loan remaining on such date.
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