There is nothing wrong with shooting steel, provided you select the proper material. As someone who regularly shoots steel plates I would suggest at least 3/8" steel with the "AR", or abrasion resistant, designation. As mentioned AR500 is a good choice.
There are many vendors that can provide targets and holders for a fair price. I purchased from Big Dog Steel
and was very happy, he cuts with a waterjet to prevent damage.
A good hanger or stand becomes more of a challenge. You can purchase or make your own. I have found portable steel sawhorses work very well, the fold for transport, can be adjusted for sloping terrain and have proven very stable. I have used firehose and chain and there are advantages/disadvantages to each.
This is one with firehose:
Here shown with my wooden handgun range and steel hung with chain: