Steel, chosen by the Anaheim Ducks in the first round (No. 30) of the 2016 NHL Draft, is gradually finding his niche in the NHL, part of a journey that started by playing junior hockey in his hometown of Sherwood Park, Alberta. He was chosen by Regina with the No. 2 pick in the 2013 Western Hockey League Draft and made his WHL debut in 2013-14.

Following Steel's second full season in Regina, he was drafted by the Ducks with the pick they acquired in the trade that sent goalie Frederik Andersen to the Toronto Maple Leafs. Steel signed a three-year, entry-level contract with the Ducks on Dec. 21, 2016, made his NHL debut against the San Jose Sharks on Oct. 4, 2018 and scored his first NHL goal in a 4-2 loss to the Buffalo Sabres on Oct. 21. Steel went on to help Canada finish first at the 2018 IIHF World Junior Championship with nine points (four goals, five assists) in seven games.

At 21 years, 51 days, Steel became the youngest player in Ducks history to get a hat trick (Bobby Ryan got one at 21 years, 297 days on Jan. 8, 2009) in a 5-4 win against the Vancouver Canucks on March 26, 2019.

Steel signed a one-year contract with the Minnesota Wild on Aug. 30, 2022. He signed a one-year, $850,000 contract with the Dallas Stars on July 1, 2023, after setting new NHL career highs in goals (10, assists (18) and points (28).

Steel re-signed with the Stars on a one-year, $1.25 million contract July 1, 2024, and was given a two-year, $4.2 million contract by Dallas on Feb. 14, 2025. It had an average annual value of $2.1 million was to begin the following season.