Steel Revitalization Act of 2001 - Directs the President to impose quotas, tariff surcharges, or other measures on, and to negotiate enforceable voluntary export restraint agreements with respect to, imports of steel products in order to ensure that: (1) the tonnage of iron ore, coke and coke products, semifinished steel, and pig iron imported into the United States during any month does not exceed the average tonnage of each product imported monthly into the United States during the 36-month period preceding July 1997; and (2) the share of domestic consumption of any other applicable steel product in the United States derived from imports during any month does not exceed the average monthly share of domestic U.S. consumption of that steel product during any month in the 36-month period preceding July 1997.

Establishes: (1) the Steel Retiree Health Care Board in the Department of Labor; (2) the Steelworker Retiree Health Care Trust Fund; and (3) the Health Care Benefit Costs Assistance Program.

Amends the Internal Revenue Code to impose an excise tax on steel sold by the manufacturer, producer, or importer (with proceeds to be deposited into the Steelworker Retiree Health Care Trust Fund).

Amends the Emergency Steel Loan Guarantee Act of 1999 to increase the aggregate amount of loans guaranteed and outstanding at any one time under Emergency Steel Guarantee Loan Program or with respect to a single qualified steel company.

Directs the Secretary to make a grant to help a merged steel product company comply with environmental requirements if such merger will promote the retention of at least 80 percent of the jobs of the steel workers and of the steel- producing facilities of the merging companies.