If you want to permanently manipulate steel you have to take it beyond it's yield point, otherwise it will just spring back exactly to where it was to start with.
As to whether something made of steel will bend to your will, or simply snap, the answer is it really depends what sort of steel you are dealing with. The lower grade it is, ironically the "safer" it is to mess around with due to the metallurgical properties. Steel has two important strengths, the Yield Strength and the Ultimate Tensile Strength. If you load it below the yield point, then remove the load, it will return elastically to it's original state. if you load it to above it's yield point, but below it's UTS, it will deform permanently to a degree, but not actually fail. If you go beyond the UTS, it fails.
Now, you don't need to be a rocket scientist to realise that if the yield strength and UTS are a long way apart, bending the material is relatively risk-free, but if the yield strength and UTS are very close together (as in the case of some "exotic" high strength steel alloys such as Reynolds 753), then forcing the steel to yield in order to adjust it, if overdone, could easily result in total failure.
So, the first thing you need to ask yourself is "what sort of steel am I dealing with"?