It will work ONLY if its hardened steel. Regular steel will get dented all to crap and eventually break through. I have 3/4" regular steel targets i shoot with pistols. I cannot shoot 223 at them because the bullet will make very large divots in the steel causing unpredictable riccochets. You need to search google for ar500 steel targets. Thats the good hardened stuff that can be used.
You need 3/4 mild steel plates to shoot with a rifle. You need to hang the plates so they swing up when hit to send ricochets down. Yes, they will get dimpled but I have been shooting 3/4" mild steel plates for years without any breakage to the target it's self. I have broke chains, hangers and one frame. I usually shoot at least 100 yards with a rifle and 25 yards with pistols more powerful than a 45 acp.
In the video you notice the target doesn't move. When a bullet strikes an immovable object the energy has to go somewhere. Either the bullet splatters when it hits the target or it ricochets in an unpredictable direction. That is why I say home made mild steel targets need to hang down and swing up. The bullet splatters or is deflected harmlessly into the dirt.
I don't shoot knock down targets on my property because the bullet is deflected upwards. When I am shooting my neighbor will ride horses and mules in the direction of the gunfire to calm the animal to the sound of gunfire. I have decent berms but they only do so much.