That's where the trade off is.
Steel looses velocity faster because it's approx 30 % lighter than lead but on the plus side as shot charges are measured by weight not pellet count you get about 30% more pellets in the pattern which sort of balances out the poorer ballistics of the lighter steel pellets.
Although its a bit off to one side I've had to use steel trap loads at a couple of shoots and my skepticism was pretty quickly put to bed, there was no change in my limited ability with either ammo type. The ammo in question was falcon club(lead) and falcon sport steel both 7s at 1250 fps.
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