Select the Type Mask tool.
Click in the center of the image to bring up the Text dialog box. Make a big letter and click OK. Center that selection in the middle of the image. Now make a new layer.
Fill the selection with the White to Black gradient in the direction like I have.
Contract selection about 3 (Select> Modify> Contract). Press "M" and move the selection up one pixel and to the left 1 pixel with the arrow keys on the keyboard. Fill the selection with White to Black gradient in the opposite direction we did the first time. Note: When you use the gradient tool, try and go past the bottom of the letter when you fill it, this way its not so black.
Now go to Filter>Texture>Grain. Select "Contrast" under grain type. For Intensity enter 23 and Contrast 59 and click OK. Now go to Filter>Noise>Add noise. For amount enter 11, Select Gaussian and leave Monochromatic un-checked. Alrighty, now go to Filter>Sharpen>Unsharp Mask. For amount enter 340, Radius 1.4, Threshold 45 and click OK. Deselect Ctrl.-D. (Mac: Command-D)
For the final effect, Go to Layer>Effects>Drop Shadow and watch your steel pop out from the background!
Ofcourse, you can always add some little effects, like these!