Steel is too heavy for its strength to find much use in aerospace applications. Titanium is very difficult to work with but has good strength and corrosion resistance. For the best combination of cost, weight and strength, alloys of aluminum are preferred. The fatigue life expectancy was calculated very carefully when the ISS was built. It is a very complex calculation, dependent on many, many factors. Once the station has exceeded its lifetime, the engineers will not stand behind it. It cannot be recertified in place, must go back to Earth and be stripped down. This is cost prohibitive.