I haven't done a lot of steel shooting, but I have learned that a .22-250 launching 50 grain varmint bullets will easily hole 1/4" steel plate at 100 yards. Equally interesting - there were paper targets nearby, with little gray streaks all over them. I finally realized it was molten metal from the plate strikes.
The legs of my stand are peppered with bullet frags (streaks) and the sandbags I was using to help hold my stand actually got shredded from shrapnel off the plates! I am going to make some new ones out of old inner tubes--they should hold up better.
