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``(c) OTHER DEFINITIONS.--For purposes of this title--
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``(1) RELATED PERSON.--The term `related person' means, with respect to any person, a person who--
``(A) is a member of the same controlled group of corporations (within the meaning of section 52(a) of the Internal Revenue Code of 1986) as such person, or
``(B) is under common control (within the meaning of section 52(b) of such Code) with such person.
``(2) SECRETARY.--The term `Secretary' means the Secretary of Commerce.
``(3) TRUST FUND.--The term `Trust Fund' means the Steel Industry Legacy Relief Trust Fund established under subtitle C.
``I. Establishment.
``II. Relief and assumption of liability, eligibility, and certification.
``III. Program benefits.
``PART I--ESTABLISHMENT
``Sec. 902. Establishment.
``SEC. 902. ESTABLISHMENT.
``There is established a Steel Industry Retiree Benefits Protection program to be administered by the Secretary and the Board of Trustees of the Trust Fund in accordance with the provisions of this title for the purpose of providing medical and death benefits to eligible retirees and eligible beneficiaries certified as participants in the program under part II.
``PART II--RELIEF AND ASSUMPTION OF LIABILITY, ELIGIBILITY, AND CERTIFICATION
``Sec. 911. Relief and assumption of liability.
``Sec. 912. Qualifying events.
``Sec. 913. Eligibility and certification of eligibility.
``SEC. 911. RELIEF AND ASSUMPTION OF LIABILITY.
``(a) IN GENERAL.--If--
``(1) the Secretary certifies under section 912 that there was a qualifying event with respect to a qualified steel company,
``(2) the asset transfer requirements of subsection (b) are met with respect to the qualifying event, and
``(3) the qualified steel company and any acquiring company assumes their respective liability to make any contributions required under subsection (c),
then 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 under section 913 (and the qualified steel company, any predecessor or successor, and any related person to such company, predecessor, or successor shall be relieved of any liability for the provision of such benefits). The United States shall be treated as satisfying any liability assumed under this subsection if benefits are provided to eligible retirees and eligible beneficiaries under the retiree benefits program provided in part III.
``(b) REQUIRED ASSET TRANSFERS.--
``(1) IN GENERAL.--The requirements of this subsection are met if the qualified steel company and any applicable acquiring company transfer to the Trust Fund all assets, as determined in accordance with rules prescribed by the Secretary, 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 the liability for which (determined without regard to this subsection) is relieved by operation of subsection (a). The assets required to be transferred shall not include voluntary contributions, including voluntary contributions made pursuant to a voluntary employees beneficiary association trust, which are in excess of the contributions described in the preceding sentence.
``(2) DETERMINATION.--The amount of the assets to be transferred under paragraph (1) shall be determined at the time of the certification under section 912 and shall include interest from the time of the determination to the time of transfer. Such amount shall be reduced by any payments from such assets which are made after the determination by the qualified steel company or applicable acquiring company for the provision of steel retiree benefits for which such assets were set aside and the liability for which (determined without regard to this subsection) is relieved by operation of subsection (a).
``(c) CONTRIBUTION REQUIREMENTS.--
``(1) CONTRIBUTIONS BASED ON OWNERSHIP OF STEELMAKING ASSETS.--
``(A) IN GENERAL.--If there is a qualifying event certified under section 912 with respect to a qualified steel company--
``(i) the qualified steel company shall assume the obligation to pay, and
``(ii) if the qualified steel company transferred on or after January 1, 2000, any of its steelmaking assets, the qualified steel company and any acquiring company acquiring such assets as part of (or after) a qualifying event shall assume the obligation to pay,
to the Trust Fund for each of the years in the 10-year period beginning on the date of the qualifying event its ratable share of the amount determined under subparagraph (B) with respect to the steelmaking assets owned by such company or person.
``(B) AMOUNT OF LIABILITY.--
``(i) IN GENERAL.--The amount required to be paid under subparagraph (A) for any year shall be equal to $5 per ton of products described in section 901(b)(1)(A) attributable to the steelmaking assets which are the subject of the qualifying event and shipped to a person other than a related person. If 2 or more persons own steelmaking capacity or assets, the liability under this clause shall be allocated ratably on the basis of their respective ownership interests. The determination under this clause for any year shall be made on the basis of shipments during the calendar year preceding the calendar year in which such year begins.
``(ii) REDUCTIONS IN LIABILITY.--The amount of any liability under clause (i) for any year shall be reduced by the amount of any assets transferred to the Trust Fund under subsection (b), reduced by any portion of such amount applied to a liability for any preceding year. If 2 or more persons are liable under subparagraph (A) with respect to any qualifying event, any reduction with respect to assets transferred to the Trust Fund under subsection (b) shall be allocated ratably among such persons on the basis of their respective liabilities or in such other manner as such persons may agree.
``(2) FASB LIABILITY IN CASE OF CERTAIN QUALIFYING EVENTS.--
``(A) IN GENERAL.--If there is a qualifying event (other than a qualified acquisition) with respect to a qualified steel company, then, subject to the provisions of subparagraphs (C) and (D), the qualified steel company shall be liable for payment to the Trust Fund of the amount determined under subparagraph (B). If a qualified acquisition occurs after another qualifying event, such other qualifying event shall be disregarded for purposes of this paragraph.
``(B) AMOUNT OF LIABILITY.--The amount determined under this subparagraph shall be equal to the excess (if any) of--
``(i) the amount determined under the Financial Accounting Standards Board Rule 106 as being equal to the present value of the steel retiree benefits of eligible retirees and beneficiaries of the qualified steel company the liability for which (determined without regard to any modification pursuant to section 1114 of title 11, United States Code) is relieved under subsection (a), over
``(ii) the sum of--
``(I) the value of the assets transferred under subsection (b) with respect to the retirees and beneficiaries, and
``(II) the present value of any payments (other than payments determined under this subparagraph) to be made under this subsection with respect to steelmaking assets of the qualified steel company.
``(C) DISCHARGES IN BANKRUPTCY.--The amount of any liability under subparagraph (B) shall be reduced by the portion of such liability which, in accordance with the provisions of title 11, United States Code, is discharged in any bankruptcy proceeding.
``(D) NO LIABILITY IF INDUSTRY-WIDE ELECTION MADE.--If a qualifying event occurs by reason of a qualified election under section 912(d)(2)(B), then--
``(i) any liability that arose under this paragraph for any qualifying event occurring before such election is extinguished (and any payment of such liability shall be refunded from the Trust Fund with interest), and
``(ii) no liability shall arise under this paragraph with respect to the qualifying event occurring by reason of such election or any subsequent qualifying event.
``(3) JOINT AND SEVERAL LIABILITY.--Any related person of any person liable for any payment under this subsection shall be jointly and severally liable for the payment.
``(4) TIME AND MANNER OF PAYMENT.--The Secretary shall establish the time and manner of any payment required to be made under this subsection, including the payment of interest.
``SEC. 912. QUALIFYING EVENTS.
``(a) IN GENERAL.--For purposes of this title, the term `qualifying event' means any--
``(1) qualified acquisition,
``(2) qualified closing,
``(3) qualified election, and
``(4) qualified bankruptcy transfer.
``(b) QUALIFIED ACQUISITION.--For purposes of this title, the term `qualified acquisition' means any arms'-length transaction or series of related transactions--
``(1) under which a person (whether or not a qualified steel company) acquires by purchase, merger, stock acquisition, or otherwise all or substantially all of the steelmaking assets held by the qualified steel company as of January 1, 2000, and
``(2) which occur on and after January 1, 2000, and before the date which is 2 years after the date of the enactment of this title.
Such term shall not include any acquisition by a related person.
``(c) QUALIFIED CLOSING.--For purposes of this title--
``(1) IN GENERAL.--The term `qualified closing' means--
``(A) the permanent cessation on or after January 1, 2000, and before January 1, 2004, by a qualified steel company operating under the protection of chapter 11 or 7 of title 11, United States Code, of all activities described in subparagraph (A) or (B) of paragraph (1) of section 901(b), or
``(B) the transfer on or after January 1, 2000, and before January 1, 2004, by a qualified steel company operating under the protection of chapter 11 or 7 of title 11, United States Code, of all or substantially all of its steelmaking assets to 1 or more persons other than related persons in an arms'-length transaction or series of related transactions which do not constitute a qualified acquisition.
``(2) COMPANIES IN IMMINENT DANGER OF CLOSURE.--A qualified closing of a qualified steel
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``(A) meets the acquisition effort requirements of paragraph (3),
``(B) establishes to the satisfaction of the Secretary that--
``(i) it is in imminent danger of becoming a closed company, or
``(ii) in the case of a company operating under protection of chapter 11 of title 11, United States Code, it is unable to reorganize without the relief provided under this title, and
``(C) elects, in such manner as the Secretary prescribes, at any time after the date of the enactment of this title and before the date which is 2 years after the date of the enactment of this title, to avail itself of the relief provided under this title.
``(3) ACQUISITION EFFORT REQUIREMENTS.--
``(A) IN GENERAL.--The requirements of this paragraph are met by a qualified steel company if--
``(i) the company files with the Secretary within 10 days of the date of the enactment of this title--
``(I) a notice of intent to be acquired, and
``(II) a description of the actions the company will undertake to have its steelmaking assets acquired in a qualified acquisition, and
``(ii) the company at all times after the filing under clause (i) and the date which is 2 years after the date of the enactment of this title (or, if earlier, the date on which the requirement of paragraph (2)(B) is satisfied) makes a continuing, good faith effort to have its steelmaking assets acquired in a qualified acquisition.
``(B) GOOD FAITH EFFORT.--A continuing, good faith effort under subparagraph (A)(ii) shall include--
``(i) the active marketing of a company's steelmaking assets through the retention of an investment banker, the preparation and distribution of offering materials to prospective purchasers, allowing due diligence and investigatory activities by prospective purchasers, the active and good faith consideration of all expressions of interest by prospective purchasers, and any other affirmative action designed to result in a qualified acquisition of a company's steelmaking assets, and
``(ii) a demonstration to the Secretary by the company that no bona fide and fair offer which would have resulted in a qualified acquisition of the company's steelmaking assets has been unreasonably refused.
``(d) QUALIFIED ELECTION.--For purposes of this title--
``(1) IN GENERAL.--The term `qualified election' means an election by a qualified steel company operating under the protection of chapter 11 or 7 of title 11, United States Code, meeting the acquisition effort requirements of subsection (c)(3) to transfer its obligations for steel retiree benefits to the retiree benefit program. Such an election shall be made not earlier than the date which is 2 years after the date of the enactment of this title, and in such manner as the Secretary may prescribe.
``(2) INDUSTRY-WIDE ELECTION.--Notwithstanding paragraph (1), a qualified election shall be treated as having occurred with respect to a qualified steel company (whether or not operating under the protection of chapter 11 or 7 of title 11, United States Code) if--
``(A) the Secretary determines that at least 200,000 eligible retirees and beneficiaries have been certified under section 913 for participation in the retiree benefits program, and
``(B) the qualified steel company elects to avail itself of the relief provided under this title on or after the date of the determination under subparagraph (A).
``(e) QUALIFIED BANKRUPTCY TRANSFER.--For purposes of this title, the term `qualified bankruptcy transfer' means any transaction or series of transactions--
``(1) under which the qualified steel company, operating under the protection of chapter 11 or 7 of title 11, United States Code, transfers by any means (including but not limited to a plan of reorganization) its control over at least 30 percent of the production capacity of its steelmaking assets to 1 or more persons which are not related persons of such company,
``(2) which are not part of a qualified acquisition or qualified closing of a qualified steel company, and
``(3) which occur on and after January 1, 2000, and before January 1, 2004.
``(f) CERTIFICATION.--
``(1) IN GENERAL.--The Secretary shall certify a qualifying event with respect to a qualified steel company if the Secretary determines that the requirements of this title are met with respect to such event and that the asset transfer and contribution requirements of section 911 will be met.
``(2) TIME FOR DECISION.--The Secretary shall make any determination under this subsection as soon as possible after a request is filed (and in the case of a request for certification as a qualified acquisition filed at least 60 days before the proposed date of the acquisition, before such proposed date).
``(3) ELIGIBILITY TO FILE REQUEST.--A request for certification under this subsection may be made by the qualified steel company or any labor organization acting on behalf of retirees of such company.
``SEC. 913. ELIGIBILITY AND CERTIFICATION.
``(a) RETIREES.--
``(1) IN GENERAL.--Any individual who is a retiree of a qualified steel company with respect to which the Secretary has certified under section 912 that a qualifying event has occurred shall be treated as an eligible retiree for purposes of this title if--
``(A) the individual was receiving steel retiree benefits under an employee benefit plan described in section 901(a)(2)(A) as of the date of the qualifying event, or
``(B) the individual was eligible to receive such benefits on such date but was not receiving such benefits because the plan ceased to provide such benefits.
``(2) CERTAIN INDIVIDUALS INCLUDED.--An individual shall be treated as an eligible retiree under paragraph (1) if the individual--
``(A) was an employee of the qualified steel company before a qualified acquisition,
``(B) became an employee of the acquiring company as a result of the acquisition, and
``(C) voluntarily retires within 3 years of the acquisition.
``(b) BENEFICIARIES.--An individual shall be treated as an eligible beneficiary for purposes of this title if the individual is the spouse, surviving spouse, or dependent of an eligible retiree (or an individual who would have been an eligible retiree but for the individual's death before the date of the qualifying event).
``(c) CERTIFICATION OF ELIGIBLE RETIREES AND BENEFICIARIES.--
``(1) IN GENERAL.--The Board of Trustees of the Trust Fund shall certify an individual as an eligible retiree or eligible beneficiary if the individual meets the requirements of this section.
``(2) ELIGIBILITY TO FILE REQUEST.--A request for certification under this subsection may be filed by any individual seeking to be certified under this subsection, the qualified steel company, an acquiring company, a labor organization acting on behalf of retirees of such company, or a committee appointed under section 1114 of title 11, United States Code.
``(d) RECORDS.--A qualified steel company, an acquiring company, and any successor in interest shall on and after the date of the enactment of this title maintain and make available to the Secretary and the Board of Trustees of the Trust Fund, all records, documents, and materials (including computer programs) necessary to make the certifications under this section.
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