Trade Fairness Act of 2001

Trade Fairness Act of 2001 - Amends the Trade Act of 1974 to repeal the requirement that the cause of serious injury (or threat) be substantial to the domestic industry producing an article like or directly competitive with an article that is being imported into the United States in such increased quantities with respect to the President's taking action to facilitate efforts by such industry to make a positive adjustment to the import competition.

Revises certain factors the International Trade Commission must consider when investigating to determine whether an article is being imported into the United States in such increased quantities as to be a substantial cause of serious injury (or threat) to the domestic industry producing an article like or directly competitive with the imported article. Repeals, similarly, the requirement that such injury be substantial.

Declares that imports shall be considered to be a "cause of serious injury, or threat thereof," if a causal link is established between imports and injury to the domestic industry.

Directs the Secretary of Commerce to establish and implement a steel import permit and monitoring program. Requires: (1) a person to have a steel import permit before he or she can import certain steel products into the United States; and (2) the Secretary to issue such permit to any person who files an application that meets specified requirements. Requires the Secretary to compile and publish certain information with respect to such imported steel.