John Henry Irons was a weapons designer for the U.S. military. His career in making laser guns and protective armor for the military was going really well until a soilder named Nathaniel Burke decided to test one of the weapons out but caused a huge accident when adjusting the laser guns to a higher setting. The laser gun destroyed an abandon warehouse where John's friend Susan Sparks got injurred from the falling debris. After the incident Burke was court marshalled and ended up being dismissed from military activities as punishment. While Irons resigns from the military after feeling responsible for Susan becoming wheel chair bound. Burke on the other hand decides to hatches a plot to sell Iron's laser guns to criminal organizations with the help of a video game arcade manager to carry out the job.
Irons returns to his home in L.A. only to soon witness a bank robbery where the robbers are using the same laser guns that he designed for the army. After failing to capture the robbers, Irons visits Susan at a veteran's hospital to ask her for some help in aiding him in putting a stop to the use of the laser guns for criminal purposes. So Irons takes Susan to his new hideout which is made possible thanks to Iron's Uncle Joe. The three of them assemble a suit of armor which will help Irons fight crime under the alias of "Steel". His first couple of attempts to detain various criminals didn't go too smoothly when he's being targeted by the cops and eventually arrested by them.
Burke goes forth in his plan by auctioning the laser guns to all the crime organizations in the world by the use of internet. After Irons gets released from jail, Susan ends up being abducted by Burke's henchmen. Which Irons goes as Steel to infiltrate Burke's hideout only to end up getting capture when entering. Steel and Susan escape from being detain and destroy Burke's hideout while Burke ends up being killed by one of the laser guns when trying to fire one against Steel which the laser just bounce off of Steel's armor. After an end was put towards the illegal use of laser guns, Irons is at peace again with his family and friends.