All steel is composed of iron and carbon. It is the amount of carbon, and the additional alloys that determine the properties of each grade. Classifications. Types of Steel can also be classified by a variety of different factors: Composition: Carbon range, Alloy, Stainless. The production method: Continuous cast, Electric furnace, Etc. Finishing method used: Cold Rolled, Hot Rolled, Cold Drawn (Cold Finished), Etc.