depends on the type of steel and the distance you gonna shoot.
I just shot some 3/16" at 30 yds it didn't faze it.
however a 45 flat nose coming from a vaquero put a good size dent in it.
I think 1/4" might be a little better. I know the armor plating is of a harder steel and could be thinner, but expensive..
That is affected by a lot of variables as mentioned above.
I went with a couple of these targets off Ebay and they work great....I shoot them with everything from .22 air rifle to 30-06 (high velocity rifles at no less than 100 yards and pistols at no less than 25 yds has worked for me)
This is the setup I use to hold the targets.....the rings are solid 2" welded rings from Tractor supply....I used small hooks from the target ear holes to the rings...it tears down easily for transport and is extremely durable
I did some extensive penetration tests with various 22 mag loads years ago. I found out that a 22 mag will penetrate much further than what I had expected.