PUBLIC LAW 106-51—AUG. 17, 1999 113 STAT. 253 (2) PROGRAM.— The term "Program" means the Emergency Steel Guarantee Loan Program established under subsection (d). (3) QUALIFIED STEEL COMPANY.—The term "qualified steel company" means any company that— (A) is incorporated under the laws of any State; (B) is engaged in the production and manufacture of a product defined by the American Iron and Steel Institute as a basic steel mill product, including ingots, slab and billets, plates, flat-rolled steel, sections and structural products, bars, rail type products, pipe and tube, and wire rod; and (C) has experienced layoffs, production losses, or financial losses since the beginning of the steel import crisis, in January 1998 or that operates substantial assets of a company that meets these qualifications. (d) ESTABLISHMENT OF EMERGENCY STEEL GUARANTEE LOAN PROGRAM. —There is established the Emergency Steel Guarantee Loan Program, to be administered by the Board, the purpose of which is to provide loan guarantees to qualified steel companies in accordance with this section. (e) LOAN GUARANTEE BOARD MEMBERSHIP.—There is Establishment, established a Loan Guarantee Board, which shall be composed of— (1) the Secretary of Commerce; (2) the Chairman of the Board of Governors of the Federal Reserve System, who shall serve as Chairman of the Board; and (3) the Chairman of the Securities and Exchange Commission. (f) LOAN GUARANTEE PROGRAM.— (1) AUTHORITY. — The Program may guarantee loans provided to qualified steel companies by private banking and investment institutions in accordance with the procedures, rules, and regulations established by the Board. (2) TOTAL GUARANTEE LIMIT.—The aggregate amount of loans guaranteed and outstanding at any one time under this section may not exceed $1,000,000,000. (3) INDIVIDUAL GUARANTEE LIMIT. — The aggregate amount of loans guaranteed under this section with respect to a single qualified steel company may not exceed $250,000,000. (4) TIMELINES. —The Board shall approve or deny each application for a guarantee under this section as soon as possible after receipt of such application. (5) ADDITIONAL COSTS.— For the additional cost of the loans guaranteed under this subsection, including the costs of modifying the loans as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a), there is appropriated $140,000,000 to remain available until expended. (g) REQUIREMENTS FOR LOAN GUARANTEES.— ^A loan guarantee may be issued under this section upon application to the Board by a qualified steel company pursuant to an agreement to provide a loan to that qualified steel company by a private bank or investment company, if the Board determines that— (1) credit is not otherwise available to that company under reasonable terms or conditions sufficient to meet its financing
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