The pressure hull of a submarine must withstand the pressure of water at depth. Hundreds of pounds of pressure per square inch translates into many tons of pressure around a pressure hull. If that hull doesn't have the strength to stand up to this, the pressure hull will implode. Steel is a "known quantity" as far as metals. We've used it for a long time, and we have a good handle on its characteristics. Steel alloys are extremely strong, fairly easy to fabricate, and won't double the national debt if we use this metal to make a submarine pressure hull.
Steel's weldability and its common availability make it a fine choice for submarine pressure hulls. It's really strong, too. That's a big plus. No one wants to be inside the pressure hull of a submarine when it fails.
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