I think things like this will become an absolute necessity soon, using green power at its peaks to store resources for use later. (Obviously batteries will also be essential, although I would rather see gravity storage with big reservoirs like they have in Wales)
I think newer renewable support schemes have been designed to avoid this problem, either by cutting off the feed-in tariff when the spot price goes to zero, or then by restructuring the subsidies as some kind of investment support (state guaranteed very low interest loans or such) rather than paying for the generated electricity.
That of course doesn't change the fundamental issue, in that in a grid with increasing amounts of variable production renewables and the price determined by marginal cost of the most expensive producer, the price swings will be larger than what we previously were used to.
As for intermittent steel production, from what I know about aluminum it is essentially impossible to turn the process off, because the molten stuff solidifies and is impossible to melt again.
Could a steel production still be viable if it could only run during daylight, or adjust to intermittent availability of wind+solar?
I know currently production is typically designed to run at maximum utilization 24/7, but maybe the solution is to rethink that assumption.