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@EdwardZ
Its not the steel but the whole package that puts it in range. There were a number of quite good utility bicycles made out of effectively high-ten steel tubes. The winner was 18-24 tubes which, I think, is a kind of seemed industrial tube. It was, I think, designed at a low price point and sold for somewhere around 100 Quid back in the early 1980s. Quite a few were sold as Raleigh still had a brand they could sell and it was the height of their position within professional cycling. Joop Zoetemelk won the 1980 TdF on a Raleigh branded bicycle (the Team Professional). The difference between the Winner and the Team Pro was almost as extreme as between Team 7-11 Huffy bicycles (made by Ben Serotta) and their mass produced namesake ..