When I first started shooting steel, I once made the mistake once of putting my AR500 gongs aligned with my paper targets to one side. The bullet fragments or splatter shredded the adjacent targets. Now I put them just a few feet behind my paper targets and don't have any more problems.
I always hang my steel plates at a downward angle, suspended by flexible material and hung at about 3-4 feet high. You can see the ground get torn up directly under the plates where the fragments or splatter is impacting the grass.
I've heard from 3rd parties that very low powered rounds (very light loaded handloads, black powder or Cowboy Action loads) are actually more dangerous, because they can bounce off, rather than fragment. I only use commercial or milsurp FMJ, so I don't shoot light loads on steel and have no personal experience with that.