Energy Conservation and Recovered Materials Act - Amends the Energy Policy and Conservation Act to direct the Federal Energy Administrator to establish targets for increased utilization of energy-saving recovered materials for the following industries: metal and metal products, paper and allied products, textile mill products, and rubber. Specifies that such targets be set at levels representing the maximum feasible increase in energy-saving recovered materials which each industry can achieve progressively by January 1, 1987.

Directs the Administer to consult with the Administrator of the Environmental Protection Agency in the establishment of such targets. Requires major corporations in each affected industry to file reports with the Administrator on progress made in achieving targets established under this Act.