Nothing wrong with having steel ingots laying around, anymore than any other ingot. Can always go all ancient japanese swordsmith with 'em, if you got something to start from. Or use them as puddle ingot forge stock for alloying or general machining. Steel's a bit funny in that it's just iron, with the right mix of impurities.

The riddle of steel is in the alloy and the temper... food can puddle ingots are a pretty low starting point, but they're still a starting point.