There's no need to micromanage the economy in that fashion, especially since excessive regulatory burdens apply to ALL domestic industries. The proper way to address the issue is to levy a relatively low (10~15%), flat-rate "revenue tariff" on ALL imported goods. And to further encourage investment in domestic production with a corresponding reduction in the corporate income tax.
The First Federal Revenue Law
On April 8, James Madison, once again a congressman from Virginia, addressed the House. He went right to the point. Congress, he said, must "remedy the evil" of "the deficiency in our Treasury." He argued that "[a] national revenue must be obtained," but not in a way "oppressive to our constituents." He then proposed that the House adopt legislation, virtually identical to the unimplemented Confederation tariff, imposing a five-percent tariff on all imports....
...A single, uniform tariff, he insisted, had two advantages. First, it could be imposed quickly, which was important because "the prospect of our harvest from the Spring importations is daily vanishing." Second, it was consistent with the principles of free trade ("commercial shackles," he said, "are generally unjust, oppressive, and impolitic")
He, he. James Madison the original Commie and evil inspirator of Patrick Buchanan.
And then companies would be free to import all the foreign steel they wanted?