A cartridge with a steel component bullet has desirable penetration capabilities and controlled separation of components upon terminal impact. In embodiments of the invention, the cartridge comprises a steel component, a lead core, and a copper jacket. The lead jacket having a leading edge portion that extends to the cylindrical mid portion. The steel component bullet may have a forward pointed ogive portion, a cylindrical mid portion, and a tapered rearward portion. The rearwardly facing surface may be concave. The leading edge portion may have a taper oriented in a direction opposite the taper of the ogive portion of the steel component. Structure to inhibit spin is positioned on a rearward face of the steel component. The bullet having a concave rear face.