A sharpening steel helps you keep your knife sharp if you often find yourself in the kitchen. If you use a sharpening steel on a regular basis, you also postpone larger knife maintenance.
There are two different types of sharpening steels. The difference can be found in the abrasive: ceramics or diamond. A ceramic sharpening steel removes little material, making it the perfect choice if you wish to keep your sharp knives sharp. If you are dealing with a blunt knife you need a sharpening steel with a diamond-coated surface. It quickly removes material and will, as such, also quickly restore the sharpness of your blunt knife.