Steel Industry Compliance Extension Act of 1981 - Amends the Clean Air Act to authorize the Administrator of the Environmental Protection Agency to extend the date for compliance with emission limitation requirements by owners or operators of a stationary source in an iron and steel producing operation if: (1) the compliance date extension is necessary to allow the applicant to make capital investments in its operations to improve efficiency and productivity; (2) the funds freed by such extension will be used within two years for additional capital investments in the applicant's operations; (3) the Administrator and the applicant agree to a phased compliance program for each of the applicant's stationary sources; (4) the applicant has sufficient funds to comply with such program; (5) the applicant is in compliance with any existing Federal decrees applicable to its operations; and (6) the compliance date extension will not result in the degradation of air quality during the extension term.

Prohibits the imposition of a noncompliance penalty under the Clean Air Act upon an owner or operator with a compliance date extension provided their stationary source remains in compliance with all the requirements of such extension.

Makes available to the public all information obtained by the Administrator under this Act, subject to a specified exception.

States that revision of a State implementation plan is not required because a compliance date extension has been granted if such plan would have met Clean Air Act requirements prior to the granting of such extension.