Personally I think ricevs and George both make claim to more knowledge than they possess.
Steel is a very common component lead material. For rectifier diodes copper clad steel with nickel plate is common. Even if the lead is plated copper (never bare), the contact is almost always steel or nickel due to bonding issues with glass passivated contacts. Steel is also predominant for through hole small resistors. Copper is never bare and the solder is now pretty much all tin so the signal passes through a lot of copper nickel and tin interfaces.
Oh there are steels that are not magnetic by the way.
Steel is a very common component lead material. For rectifier diodes copper clad steel with nickel plate is common. Even if the lead is plated copper (never bare), the contact is almost always steel or nickel due to bonding issues with glass passivated contacts. Steel is also predominant for through hole small resistors. Copper is never bare and the solder is now pretty much all tin so the signal passes through a lot of copper nickel and tin interfaces.
Oh there are steels that are not magnetic by the way.