Steel

Location
Steel is found in the Gabomba Statue after reversing all the gears in the dungeon and then getting to a pair of pink gears on the edge of a pit; jump down the left one to land next to Steel, which must be battled.

As an opponent
Steel has 466 HP, 46 PP, 143 Attack, 37 Defense, 116 Agility, and 16 Luck.

It can attack physically or cast the Venus Psynergies Quake Sphere, Spire, Gaia, Mad Growth and Briar.

When defeated it yields 279 EXP and 340 coins.

Description
When Set, it increases base HP by 9, base Attack by 4, base Defense by 2, and base Luck by 1.

When used, Steel attacks an enemy with Venus power 130% of the user’s attack power, and 50% of the damage inflicted is added to the user’s HP.

Analysis
It's best to use Steel when you are low on HP and are going against an enemy that is weak to Venus-based attacks. That way you do maximum damage, regain a lot more HP, and as always get more EXP and coins.

Name Origin
Steel is an alloy consisting primarily of Iron. The HP draining effect is a play on the fact that Steel has the same pronunciation as "Steal".