I found some interesting stuff on this web site; http://www.kilim.com.tr/ardali/boatbuilder.htm
Without doubt, steel is the strongest of all boatbuilding materials, and in a stregth/weigth basis is superior to wood, grp, or aluminum.
Ordinary mild steels have typical tensile strengths of 3,500 to 4,200 kg/cm2 (50,000 to 60,000 psi) and typical yield strengths of 2,100 to 2,800 kg/cm2 (30,000 to 40,000 psi),which is to say they will sustain loads in that order before beginning to stretch or yield without returning to their original position. At the same time, they are very ductile and will elongate 30 to 40 percent before failure. Thus, a steel boat in a collision or cast ashore on rocks may sustain repeated loads or blows that would irretrievably shatter wood, fiberglass, or ferro-cement boats, and yet still be in floating condition when hauled off, though possibly with some bad dents. The high tensile steels are even stronger with typical yield points of 3,500 kg/cm2 (50,000 psi) or more, and ultimate tensile strengths of 5,000 kg/cm2 (70,000 psi) or better. Ductility, of course is less, but still greater than other materials.
There are other measures of strength besides tensile strength. They are: (1) resistance to impact, (2) stiffness, (3) resistance to abrasion, and (4) fatigue. In all of these categories, steel is in the first rank. As already noted, a steel hull will survive grinding and collisions that would be fatal to other materials. Any vessel that is subject to the repetitive flexions of the sea, is subject to fatigue. Fatigue failure generally starts as a small crack, which can then progress rapidly. The fatigue strength of most materials is usually in direct proportion to their ultimate tensile strength. Wood is not particularly prone to fatigue but its fastenings are. Some of the disastrous cracks and splits that occur in fiberglass hulls are in fact fatigue failures.
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