The most common and most likely answer to this crossword clue is the 4 letter word GIRD
I've seen this crossword clue in Independent
G
I
R
D
Buddy explains!

The straight part
We know that "Steel/ring" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case steel/ring = gird.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GIRD mean?
GIRD verb- To bind with a flexible rope or cord.
- To encircle with, or as if with a belt.
- To prepare oneself for an action.
- A sarcastic remark.
- A stroke with a rod or switch.
- A severe spasm; a twinge; a pang.
- To jeer at.
- To jeer.