The combined Otago-Southland team has won its last four games but faces its toughest assignment against the New South Wales Swifts in Sydney on Monday.
The Steel needs to win to guarantee a play-off berth but has never won an ANZ Championship match in Australia.
It could still scrape into the semifinals with a loss, courtesy of goal percentage.
But it will need other results to go its way.
The Swifts have been the form team this season, winning all 12 games.
They have secured pole position and can create history as the only team to navigate the round-robin phase undefeated.
The opportunity to rest key players ahead of the finals series may prove tempting for Swifts coach Julie Fitzgerald, but regardless of who takes the court, the Steel can expect a formidable foe.
Steel coach Robyn Broughton believes the teams have a very similar style and should be evenly matched.
"They are a bit like us in that they play as a team and don't rely on individual players," Broughton explained.
"They've got good connections on court and I'm expecting a great game. I'm certainly not going into the game thinking they are going to wipe us. We can do this.
"I think they are beatable. We just have to play our own game and keep to what we do best. And we can't afford to play at their speed."
At the midway point the Steel's play-off prospects looked bleak.
It needed to win at least four, probably five of its final six games, and with the kind of netball it was playing that seemed only a remote possibility.
Broughton credits the turnaround to "a lot of hard work and better connections on court".
But she singled out shooter Daneka Wipiiti as the player who had made the greatest improvement.
The mercurial goal shoot made a slow start to the season and struggled to regain her fitness after giving birth to her first child late last year.
But the towering 27-year-old has recaptured her best form in the last four weeks.
She has used her 1.94m frame to good effect and her combination with the captain and goal attack, Megan Dehn, is flourishing.
The pair will have to be at their best again if the Steel is going to upset the Swifts on their home court.
Their opponents, Mkoloma and Bulley, are one of the most effective defensive units in competition.
"They have really picked up on defence. Bulley wasn't at that level last year," Broughton said, adding England defender Mkoloma was a class player.
"Goal keep is an incredibly important position and if you've got a good goal keeper it is a bonus."
If Wipiiti and Dehn get on top, and defenders Leana de Bruin and Te Huinga Reo Selby-Rickit can dominate down the other end, the Steel will dramatically improve its odds.
The game plan will be to remain patient on attack and restrict the shooter's supply of ball.
"Susan Pratley [goal shoot] is the one that I would target. She has stepped up big-time this year. Her whole game has improved."
Surprisingly, the Swifts' shooting statistics are not that impressive considering their dominance.
At 82.4%, Pratley is eighth on the list.
But the percentages of her shooting partner, Catherine Cox (74.5%), are well down.
