What is the meaning of Steel?

A variety of iron intermediate in composition and properties between wrought iron and cast iron (containing between one half of one per cent and one and a half per cent of carbon), and consisting of an alloy of iron with an iron carbide. Steel, unlike wrought iron, can be tempered, and retains magnetism. Its malleability decreases, and fusibility increases, with an increase in carbon.

Source: Webster’s Revised Unabridged Dictionary (1913), via OPTED