Personally IMO, I'd be more worried about spall, rather than my steel plate being penetrated (if I ran one). Hot chunks of metal imbedded in your face, arms, or legs can dramatically reduce your ability to continue a fight. At the very least, you'll have a bad day. At the very worse, you'll have no more good days if a fragment finds a major artery or nerve cluster.
If I had to run steel, I would actually take a 3A backer, or a 10x12 kevlar spall shield (I've seen them on Ebay), and place it in front of the plate, not behind. The "anti-spall" coating that comes on steel plates these days are questionable in their actual ability to catch the majority of fragments, I do not trust them.
The way I see it, you have a few options available to you:
1. Ditch the steel plates, save, and invest in a quality set of new ceramics (or PE plates if weight is more of an issue to you than protection against M855).
2. Put a little money into some kevlar backer or spall shield for the front of your steelies.
3. Buy a set of used ceramics on Gunbroker or Ebay cheap. Many here will caution against the use of "used" plates, due to cracking concerns, or DoD "redistributed" items, but I'd rather hump a solid "used" SAPI over a set of steelies any day.