Can I attach corrugated steel to cinder block for added privacy?
I would not bother with that anchor bolt idea.  I'd go with a lot of small anchors rather than a few big ones.  Concrete screws, Tapcon brand are popular, should work.  I'd attach the metal top, middle and bottom spaced maybe 2' horizontally.

You'll need a masonry bit and a nutdriver bit the right size for the concrete screws, and a metal bit slightly larger.  I'd drill the metal first, then use the metal to locate the holes in the concrete, working bottom to top then side to side.
If you have a fairly flat concrete surface at the bottom of the wall, you could skip the bottom row of screws and hold it to the wall with either angle iron or a 2x2&quot; strip of wood.  That would hold the bottom edge to the wall securely and might be quite a bit easier.