My younger son had a classic Serotta steel road bike. It served him quite well and he won races riding it. It hung in our bike shed for a few years and a couple of years ago, we cleaned it up and gave it to our other son. I cannot tell you how much people drool over this bike when he rides it; I am so glad we didn't sell it.
Good steel bikes can be light. When I was looking into custom bikes, I seriously considered steel, but went for the titanium. But, I rode some steel bikes for tests and they were fine. Yes, they feel different from my carbon bike that weighs 14.5 lbs., but, not bad different, just different.