Yes there were some Steel bike failures but not many compared to today's Carbon bikes problems,I would say the main difference is if you bought the best Steel bikes,or should I say the most reliable like Rory O' Briens then I never heard of any failures ? there must of been some but I never heard it,now today even the very best Carbon bikes are failing ?
Below is a Rory O' Brien fast back frame similar to my best TT one,the differences with my one was that I never had chrome forks,but the Colour of mine was better it was at the time a special order Flamboyant Gold!

and I had an Aero dynamic plate welded to the bottom of the bottom bracket,plus it made that part of the frame stronger where it was needed! as I was using a 54
Campagnolo chain ring at the time,
plus all of my components were anodised Gold!
View attachment 603368