Let's do a bit of arithmetic.
I've got a bandsaw I bought second hand recently, I've been musing on the same question. For my bandsaw a motor of approximately the same speed and power also drives the blade directly. For the sake of a worked example I'll use the dimensions I took from my saw.
Drive wheel is 1 foot in diameter, and runs at 985 RPM. So linear speed of blade is 1 x 3.14 x 985 ft/min = 3000 ft/min in round numbers.
Recommended speed to cut mild steel with high speed steel blade is approx. 100 ft/min. That's a speed turn down well beyond the range of any variable frequency drive three phase or otherwise. Not to mention the problems of keeping the motor cool.
I pretty sure (though I don't know how to quantify it) that the torque requirement to cut steel will go up from that needed to cut wood. So we're into some pretty significant gearing here. I've been musing on whether to make a planetary gear reduction along the lines of the Dore Westbury mill, but it's a lot of work and it's never going to happen.
Having said that, Stefan Gotteswinter says he cuts steel on an ordinary (vertical) bandsaw, but it's not clear what speed the blade is running at. Have a look at the YouTube video of his basement workshop walk-around.
An HSS blade is going to cost £20 or thereabouts a kick, my feeling is that the teeth will come straight off it as soon as you show it a piece of steel. Cutting ally or possibly brass will probably be OK, though the cutting speed is still far too high.
So I decided that a bandsaw designed for cutting wood wasn't a good place to start.
HTH Simon
edit – Jason (as ever) beat me too it.
Edited By Simon Williams 3 on 01/05/2019 19:40:51