The Board shall adopt regulations, in accordance with Title 10, Subtitle 1 of the State Government Article, stating that a bid or offered price of an American steel product shall be considered reasonable if it does not exceed the sum of the bid or offered price of a similar steel product of foreign origin, including duty, plus:
(1) 20% of that bid or offered price; or
(2) 30% of that bid or offered price if the steel product is produced in a “substantial labor surplus area” as defined by the United States Department of Labor.