You'd want titanium, not steel, to build something for that kind of crush depth, but the kind of metal is kind of immaterial, Rush's chief issue that led him to go with carbon fiber is that you'd need to either pay a specialized tooling facility to manufacture tubes/domes of the Titan's size, which is a) mega expensive, and b) it's not a guarantee you could even get time at the facility since shops capable of fabbing stuff like that basically operate 24/7, there's a lot of demand for their work. Which means the OTHER alternative is building a facility of your own, which was never viable just because of the scale that OceanGate worked at. Like, their 10 year, best-use-case-ever plan was maybe a fleet of 10 vessels, and that's if billionaires everywhere get super into deep sea tourism.
Much easier to just lay successive strips of carbon fiber over a tube in a warehouse in Everett yourself. No need to spend multiple decades building up the capital doing shallower tourist expeditions with their Antipodes model and then building Titan properly, Rush can get his ass to the Titanic and become the deep sea Elon Musk before he's too old to appreciate it.