Got small (.177) bb gun for fun with my son...From the manual:'Steel shot will fire at a higher velocity then lead shot with with the same muzzle energy. As a result, more caution is required when using steel shot because of a greater hazard of ricochet. Lead, because of its lower velocity, usually has less penetrating power and is less likely to ricochet.'Are you agree with that? ;)
steel is made of iron mainly (and carbon) its density is 7.86 g/cm? approximately. and lead has density=11.4 g/cm?. so, if have same volume and shape steel will have less mass and thus will have greater velocity for same muzzle energy. I agree the manual. for more information on ricochet