When drilling steel, make sure the bit is cutting. As long as you are getting flakes of steel or curly cues coming off the bit, you will be drilling good and the bit will stay sharp and last a long time. The steel flakes carry away the heat. If you are just spinning on the surface, the bit will overheat and loose its edge and temper, no amount of resharpening will be able to fix a softened bit. Also, a squeeze bottle with cutting oil will help. Basically, a slow speed will be better for steel, and moderate bit pressure during the cut, but right before penetration ease off some.