Hi Martin,
I am sure it does attack the steel, but only if you leave it in too long. It seems to go for the rust first. I did put in a large reamer with some rust on it. I left it in too long and the bright steel went a satin colour, but the rust was long gone.
I purchased 5 lts of conc stuff on Ebay. I dilute this down approx. 10 to 1 with very hot water and dump stuff in. It seems that hot is the key. Once it has cooled down a bit, then you can fish stuff out by hand and the acid doesn't affect my skin!
Andrew.