This battle is pitting the Steel with organic-like steel against the organic steel man himself Colossus. Henry's also is granted his hammer for the 2nd fight.
1st fight- no hammer for Henry's, everything else is cool
2nd fight- Henry's has his hammer for this fight
Personally, I see Colossus winning the 1st encounter with Steel taking the 2nd.
I'm pretty sure Steel would only win with the hammer, his only advantage would be the melting into liquid metal and him probably being faster.
__________________ Huey: The truth hurts, Jazmine. The world is a sad lonely place and no one gets anything for free, you know what? One day you and everyone you know is gonna die.