Steel shot does not deform from the time ignition starts in a shot shell until all the shot has come to rest in a piece of game, therefore, steel shot penetrates deeper than lead shot. Penetration factor is based on the remaining round pellets that are left which will penetrate deeper than the deformed lead. Lead pellets start to deform upon firing. Then we get into the shot string patterns. Steel holds a much tighter pattern than does lead, somewhere in the 60-70% narrower range, which results in more pellets on the target. That deformed lead is deformed even more so once it hits that game, resulting in less energy, even though it started out with more. That is why those hard round steel pellets penetrate deeper. The gentleman providing these facts is not a new kid on the block. He was formerly the Ballistics Research Director at Oregon Institute of Technology, and then served as a Ballistics Specialist for the Dept. of the Interior. He now serves as an independent ballistics consultant and author specializing in the design and testing of shot shell loads for U.S. shot shell and reloading components manufacturers. BTW: I don't hunt with steel shot. I prefer the Tungsten Matrix.
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