From Dungeons of Dredmor Wiki
The steel ingot is a testament to the fact that you'd really rather be playing some other video game with a more finely honed crafting system. Oh well...
Worth 180 zorkmids. B:293 S:113 B:373 S:77 B:437 S:41
It can be crafted with the following recipe:
It can be used to create Barbed Steel Bolt, Battered Kite Shield, Bearded Axe, Bony Axe, Brigandine, Broader Axe, Brutal Club, Clockwork Drill Bolt, Clockwork Power-limb, Crude Steel Axe, Crude Steel Crossbow, Crude Steel Sword, Cruelly Barbed Steel Bolt, Fancy Hatchet, Fine Steel Axe, Fine Steel Mace, Fine Steel Sword, Frag Bomb, Full Plate Armour, Great Warhammer, Hand Grenade, Heater Shield, Katana, Kite Shield, Knight's Helmet, Nailboard (TM) Mark II prototype, Nailboard(tm), Rough Steel Axe, Rough Steel Mace, Rough Steel Sword, Simple Steel Crossbow, Slinky Flail, Spring-loaded Power Core, Steel Axe, Steel Bolt, Steel Cuirass, Steel Lever Crossbow, Steel Mace, Steel Recurve Crossbow, Steel Reinforced Boots, Steel Sword, Steeled Robe, The Royal Beatdown, The Ugly Stick, Throwing Star.