When I think of Colossus body composition I think of him being solid metal. Meaning bones, organs, etc. as being steel. There has been numerous instances stating he has steel bones and the like. There is also times where he has been shown to bleed red, like when Juggernaut was recently punching him in the Amazing X-Men issue as I recall he was spitting out blood.
The two times he had his arms broken I got the impression that he was solid metal mostly because Strong Guy had to bend them back into place so Elixir could heal them when he turned human. I also think when Pete Wisdom damaged him his spine was stated as being metal iirc.
Basically the writers/editors need to get their sh!t together on this.