Use a slow speed, and oil on the bit, often, when drilling any steel.
You don't indicate the size of the pilot hole, but when you are planning to drill anything more than 1/8" in steel, plan also to drill the pilot hole out with a larger sized bit, first, before going to the larger drill bit.
I do agree that you need to have any new drill bit sharpened, properly before using it. I used to think drill bits came sharp from the factory, but have found out better since. The same goes for most knives you buy- they also need to be sharpened to be truly sharp.
That drill bit sharpener that was heavily advertised last year on TV works, BTW. Any shop that sharpens knives, and law mower blades can usually also sharpen your drill bits.
Buy the best American made drill bits you can find. The discount stores sell that stuff from China, which destroys out balance of payments, and gives them good American dollars for their worthless paper. The bits are junk. As are most of those tools made in China. If you are only going to be drilling holes in wood, then go ahead and buy the cheap bits. But, for drilling steel, spend the money to get the best.
Check with the commercial desk at your hardware store- where they take care of construction companies, and workers buying tools. They tend to have the good stuff back behind their counters.