Steel CAN be reloaded. It's not the best idea but possible.
Brass is more ductile than steel and it can stretch and be reformed. Steel work hardens faster and gets more brittle and thus fails sooner.
The rather low-grade steel used for shell casings will also aggressively rust if the coating is disturbed (Zinc galvanizing, lacquer coating, polymer coating, etc) and scratches from the load-fire cycle or the resizing process will displace the coating. I've seen steel cases start to rust just sitting on the table unloaded.
Steel also has less springback than brass- when a brass case is fired it swells to seal the chamber but springs back and shrinks to allow extraction. Steel won't do that as well which is another reason for the coating.
Yes, you can reload it, but there's a lot of brass out there so why bother?