There's a few reasons some people prefer steel. 1) You can weld it pretty easily, if your frame cracks. I guess this is nice if you're bikepacking through Nepal or something, but I don't really see the practicality for normal people. 2) It's cheap (well, not any more). 3) It's more flexible than aluminum, so some people prefer the way it rides.
These days, I'd say #3 is the only really valid reason for most people. Steel bikes are generally heavier than aluminum however, but it is possible to get them close if you use a high-grade cromoly steel, but then that removes most of the cost advantage.