I'm assuming you are referring to Co2 lasers because obviously machines exist for laser cutting steel all day long. They are very expensive and not within the home budget unless you're Jay Leno.
I'm new to this, but from what I've seen the lasers sold for cutting metal are typically powered by expensive fiber lasers.
Having said that, one place I saw claims that their 150W Co2 laser will cut steel or stainless steel about .030" thick, but still won't cut aluminum. That's pretty thin to be of much use, but it still means it's possible.