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Paper, that's fine.
Steel targets should be much bigger. 50cal tends to knock the smaller ones around.. I.e. a 4" steel target would shortly be ripped from any mounting you have it on.
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Be sure to use proper alloy of steel (AR500) and proper thickness (1"+) to give it a chance to survive.
A target I donated, to a 50BMG Sanctioned range where we shoot FCSA matches, was 3/4" thick 15" diameter AR500 mounted from back to deflect hits into the ground. When placed at 1100 yards for Match sight-in, a good solid hit by the 800+ grain solids we shoot will really toss the target around resulting in the need for a solid mounting system to hang the targets from. Our loadings result in excess of 14,000 ft lbs of muzzle energy. AP, API, and APIT projectiles are not allowed and you will be told to leave the range if you shoot one.
Highly recommend targets and mounting systems from: ShootSteel.com
https://youtu.be/jjSat8xeMws
The next links was using my rifle (but not me) shooting surplus 660 grain ball ammo.
https://www.youtube.com/watch?v=5ePPz2iT9XE
https://youtu.be/I0Net26FUAk
https://www.youtube.com/watch?v=I0Net26FUAk