David Steel was born in Horsham, Victoria, in 1876. His father was a doctor from Glasgow. He was the third son, and fourth of nine children. The family moved to Melbourne around 1880 and he attended Toorak College. In 1893, his father died suddenly and he was sent to India to his uncle's company to learn the tea trade. He and his younger brother Tyke traded as Steel Brothers Tea merchants in Melbourne although Tyke then left to go farming.
In 1911 David married Marion Davies, whose family had long been associated through school and church. They had five sons; two of whom became doctors and three went farming, and a daughter.
David was a dedicated elder of the Armadale Presbyterian Church. He died in 1961 in his 85th year.
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