You need to know the heat capacities of water and steel, and the heat of vaporization of water.
You also need to know how much water available.
If you drop a fist size chunk of hot steel into a big barrel of water, you might heat up the water, but not vaporize much at all.
The heat capacity of steel is 460 J/kg.K at room temperature.
http://wiki.answers.com/Q/What_is_the_Heat_capacity_steelYou should be able to find the other constant via google as well.
So if you have 460*980 joule available.