Hi, the type of steel banding you have is produced for holding things together or onto a pallet of some type, it is produced with a high tensile strength with that in mind, it does have some spring characteristics, but unlike most leaf springs, it can be easily deformed and I think it wouldn't be much use if it were made to be of a true spring nature, correct heat treatment may make it suitable for springs, but I've never tried it myself. I have used it often for shims under gearbox's and electric motors and such like and even on my lathe tool post and it can easily made to length by folding the length you what, over on to it's self and flattening the fold out in a vice or just by hammering it flat, then when you prise it apart it will just break off.
Regards Nick.