Yes.
And gratuitously stolen from the web:
Shoe Shank
First it's important to understand what the general shank in a shoe is. A shoe shank is a flat piece of material located above the outer sole at the waist, or narrowest, middle-part of the shoe located between the heel and ball area of the foot just below the arch. A shank is needed to help add extra support to the arch area of the shoe.
Steel Shank
Knowing this, it is obvious that a steel shank is a shoe shank made of steel. Many people think that a steel shank is a bad option to have in their shoe because the weight of the steel will make the boot unbelievably heavy. However, this not true. The shank is in fact a thin piece of steel that features both a natural flexibility and springiness and makes it a great option for it to be placed in the boot. And while a steel shank like a steel toe is sensitive to cold-weather conditions and will set off metal detectors, it helps prevent injury by preventing objects from penatrating the shoe from underneath.
