My understanding from the original post was not if you should cut steel, but if it was possible. ShopBot certainly does not recommend, support, or advertise that ShopBots will cut steel, but Jens Dyvik is a member of the MIT fablab group and has done all kinds of interesting things with ShopBots and all kinds of other tools. Here's a link to some of his work
http://www.dyvikdesign.com/site/
If you expand the commentary in his video he lists all the settings that he used, and a link to the Rhino plug-in that he used to create the toolpaths. Your mileage may certainly vary.