Velocity of sound in steel is MORE than in water.
Speed of sound refers to the speed of sound waves travelling in air which is different in different mediums. It travels the slowest in gases, a little faster in liquids, and the fastest in solids. The higher the density of the medium, the faster will be the speed of sound and vice versa.
Thus, steel being solid and water being liquid, sound speed in steel is more than sound speed in water.