***Note shooting steel plates is an unsafe practice, BUT.***
Yes, but the bullet will be destroyed and the only the chunk of steel knocked out about 3/8 diameter will be the only thing flying past the plate.
The energy of the bullet is transferred to the steel chunk nock out as the true bullet is destroyed in the process.
I would say any of bullets as in grain weight will, but the bigger the bullet the better.
A 223 ballistic tip will blow a hole in 3/8 plate with a 55 grain bullet.
A 300 Winchester magnum will blow a hole through 5/8 plate with a 180 grain bullet.
this was tested at 50 yards.
In the true story, The Man-Eaters of Tsavo Lt. Colonel J.H.Patterson,
Used his 303 British with standard FMJ to punch holes through the web of train track to attach a chain at both ends of the short sections of track, to make the door for trap he referred to as his “contraption” to try and capture the Man-Eating Lions that put a halt to the construction of the Tsavo bridge.
Now seeing that the 303 British is not as strong a 7mm Magnum I would have to say, no problem other then it is dangerous to the shooter and bystanders.
Note steel plate was set up against a large tree to keep it from moving, for both 223 and 300 win magnum.
But this unsafe practice would not be advised.