Steel boasts high strength, low weight, durability, ductility, and corrosion resistance. Its strength-to-weight ratio surpasses other materials, and it can be easily molded into various shapes. Its unique composition of iron and carbon enables rapid cooling, influenced by percentage composition and manufacturing. Carbon dissolves into iron at specific temperatures, affecting its physical properties.

Steel is made via one of two main smelting processes — either a blast furnace or an electric arc furnace. 

For a blast furnace, iron ore and coke (coal that has been treated to remove volatile components) are added to the furnace, which is fired by air. Lime is also added to reduce the iron from the ore to its metallic form. This produces so-called pig iron, which is then sent to a direct oxygen furnace for the production of molten steel.

In an electric arc furnace, the iron ore is fired first by natural gas in a direct-reduction furnace. The iron metal is then sent to the electric arc furnace for steel production. Large electrodes are submerged into the furnace where electricity is used to create high-temperature arcs between the electrodes and thus melt the metal. Alloying elements are added to the electric arc furnace section.

Steel has some properties that make it a very useful material:

1. Strength: Steel is a strong and durable material that can withstand heavy loads and resist deformation. It is ideal for use in construction and infrastructure projects.
2. Versatility: Steel can be molded, shaped, machined, and welded. It can be formed into a huge variety of components.
3. Dimensional stability: Steel is very rigid, and resists deformation well.
4. Recyclable: Steel is infinitely recyclable; the scrap metal may be melted down and reformed. 
5. Safety: Steel is a non-combustible material that does not release harmful components even when heated. This makes it a safe material to build with.

Steel is not a perfect material for all purposes. Its disadvantages may limit its usefulness as listed below:

1. Corrosion: Steel — particularly carbon steel — corrodes in moist environments and may need protective coatings (like paint) and regular maintenance to achieve a reasonable service life.
2. Weight: Steel is a relatively heavy material. That weight can limit its value in sectors such as the aerospace industry where overall mass is a major concern.
3. Energy requirement: Steel smelting demands large amounts of energy. Although modern techniques have made improvements, steel’s energy footprint is still relatively high.
4. Thermal conductivity: Steel conducts heat well, which can complicate the insulation, cooling, and heating of large steel buildings.
5. Cost: Steel is more expensive than many other materials. That’s particularly true of specialized grades and stainless steel.

Steel is a type of metal but not all metals are steel. Steel’s properties differ from those of other metals. Depending on the grade of steel, it can be much stronger and may corrode or resist corrosion differently.