True, true. Still, it can't be worse offensively than Ice, and it throws in the ability to SE against Ice and Rock. The main idea is that it still has all of the offensive advantages of Ice, plus a crapload of resistances from steel. Basically giving Ice a bunch of desperately needed resistances. The only price to pay for adding Steel is the two double weaknesses, and what sane person sends an Ice type out against Fighting or Fire anyway?
The real question would come down to whether it has the stats to hold its own. I'd imagine it being focused in Sp.Atk, Defense, and Sp.Def.