Steel has got the distinction to be the lowest-level Runeword hanging around, obtainable as soon as level 13. For its level, it is a powerhouse. Baby's First "Real" Weapon can also be easy to make, with easily-obtained runes and just two sockets required. Its utility doesn't last for very long, as better options become obtainable on not so many levels.
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Steel Recommendations
Runewords vary on the suitability for various classes and specs, in addition to the utility for that various Mercenaries. This next section will discuss what classes and specs could make the most out of Steel, whether you should look at using Steel together with your Mercenary follower, what base to consider, and where you can acquire Runes.
Best Classes and Specs for that Steel Runeword
Steel is a pure melee-build item, which means this will be of primary interest to Barbarians, Werewolf/Werebear Druids, and melee Paladins for example Zealadins. These can be produced in 2-handed Axes or Swords in addition to one-handed options (there aren't any 2-handed weapons the Runeword system recognizes as maces).
Steel for Mercenaries
(Act III Mercenaries also employ Swords, considering they are casters, they'd be better designed with a more caster-focused weapon).