After an exhaustive amount of research and consulting with target making companies, there are five primary rules involved with shooting steel with a rifle.
First, only shoot ammunition with projectiles made of lead or copper jacket with soft lead cores. No, hollow points (will dimple the plate), steel core, steel jacket, tungsten, uranium or any other exotic core. Also avoid using ammunition exceeding 3000 fps.
The second is the brinell/hardness of the plate. For rifle, AR550 at 3/8" or 1/2" (for higher calibers) is the best option.
The third rule is the steel needs to be completely flat/smooth with no craters, pits or damage. If craters are visible, it's not safe to shoot.
The fourth and most important is the plate angle. The plates optimal angle is pointing down approx. 20 degrees to dissipate the bullets energy. This will also increase the target life. It's also imported to place a piece of plywood or pea gravel under the target it to catch any bullet fragments.
Fifth and last, the plate target should be at least 100 yards for the safest distance for .223/5.56 or .308.
Also note, shotgun slugs also require a 100 yards.