You can reload steel cased ammo. Most of the imported stuff is Berdan primed, so you can't deprime the cases with a standard Boxer center punch. Some guys deprime hydraulically (put water in the case, followed by a close-fitting wood dowel, and hit dowel with mallet - messy business). Reportedly, you can resize the cases using standard American dies, which I'm guessing would work for seating, crimping, etc. also (although the steel cases might be harder on the dies than brass). I do not know where to find Berdan primers or if priming requires different method(s)/equipment (interesting footnote, Berdan primers are an American invention ;^)...
Nothing I have read indicates it is recommended or a good idea.
If you pay more for brass you can reload multiple times, safely.