While demand side load management is a thing and certainly something we will need to employ more of in the future, I'm not sure steel production is the right place for it.

I'm not an expert in arc furnaces, but I would be a little worried about steel with is temperature bouncing around its melting point, as power becomes available or not. Both from energy wasted due to cooling while the process is paused, but also freeze cycles inside the furnace.

I also think steel is a fairly capital intensive production, which doesn't help either.