As a steel fabricator for over 27 years, I've shot at a fair bit of steel.
Velocity seems to be the key.
I recall several of us shooting at a piece of 1/2" mild steel with various guns.
Both the .243 Win and the 7mm RemMag went through, while a .303, .308, and 30-06 did not. I dont recall the bullet weight, but it would be average hunting loads, all soft point. Distance was close, probably too close in retrospect!
We also shot a tree, and the .243 did not go through, while all the rest did.
That makes me think it takes speed to punch plate, and bulk to push through wood.
The above is based on mild steel, not AR, (Abrasive Resistance), and it also is soft point hunting, not AP.
I did get some 8x57mm AP, and fired it at some 5/8" mild. I didnt know it was AP until I saw numerous holes "drillled" though the plate. So I got some 3/4", and it went right thru that too. Then I got some 1", and it just pierced the far side, with out passing through.
Later, I got another 1" plate, and some US 30-06 AP. Again, just broke through, but didn't pass through completely
I did find some AR plate a while back, and most rounds just leave a grey spot on the plate, no damage. Using AP on 3/8" AR plate does go through, and makes a big spark as it does so.