Steel is used as a function of economics, as well as engineering. While I am certain that everyone knows that wood is the same price as a galvanized structure. There are reasons that steel is used, especially when space is limited. It is the less is more theory. I am not an engineer, but it is an industry rule of thumb, that you can have less supports when steel is used.
Also, especially in the Great White and the Hurricane, the need for steel is great the prevention of deteriation from the saltwater elements. Can anyone imagine what that saltair does to the nails holding the wood together. Even if they are galvanized, they need help. Steel saves extra carpenters from changing lumber all day long. Extra carpenters means extra payroll.
If it was up to me, I would build all new mid to large size woodies on a steel structure. It makes huge financial sense when you are paying for a ride over $2 million dollars.