Yes, a steel toe shoe/boot does contain steel. A steel toe boot has a steel cap placed in the toe box of a boot. The steel is meant to protect the wearers toes from compression or pressure from objects. Another form of this high protective shoe is a composite toe boot which is a light weight form of substance that also protects as effectively as the steel toe caps.
Wearing the proper shoes for your activities is very imporant to prevent injuries and ensure a safe environment. It is often recommended ot required for construction workers, some factory workers to wear steel toe boots to protect the feet and toes from objects falling on the foot.