I don't know about steel but carbon fiber has so far never succeeded as a material for cryogenic rockets or fuel tanks.

The proposed space shuttle successor was designed around carbon fiber fuel tanks / hull and engineering problems with them eventually killed the project.

The material struggles with low temperatures of cryogenic fuels (brittle), high temperatures of re-entry (just burns), oxidation in oxygen tanks. Also they apparently tend to sponatiously combust with rocket fuels.

Some reference: https://www.compositesworld.com/articles/an-update-on-compos...