Any reason you particularly want a steel frame? For my first tribike (should work for a road bike) I e-mailed several bike companies (Trek, Cannondale, QR, Guru, etc) asking if they have any smaller frames (I listed a range) that they wanted to sell at reduced cost. I wasn't concerned with having the latest model but just wanted a basic tribike (at the time was on my dad's old road bike that was too big).

I ended up with a Guru (nice company and service) complete bike. It had new but older components (Ultegra 9-speed) but fit the bill. I got it below retail as the frame was 2 years old and was sitting around in their warehouse (I'm assuming the last part). The bike came with 650 wheels and I even got to chose the color of the frame.

Good luck

Fuji makes a steel frame 650 for kids:

http://www.fujibikes.com/bike/details/ace_650

Jamis make some nice steel framed bikes, but I don't know if they do a 650.

Mandaric does some custom frames, you might need to check that out.

So does Ti Cycles, and I know they do steel frames.

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http://aclockworkmango.com

One of the Felt bikes is a metal frame.

Obrea also do one.

Both have 650 wheels

Jeeze Kids bike, I have that Fuji, nice bike has been working for me for about 8 years now, I would recommend it, the cheap version I have could use some upgrades but runs fine.

Ben

Gunnar makes a Roadie in a 650c size.

http://gunnarbikes.com/site/bikes/roadie/

Yeah, again, is there any particular reason for steel specifically?

I'm 5'3.5" and I highly recommend looking into Felt's road bikes, and maybe even their ZW Series that is women's specific.
Felt has always stood by their 650c bikes because for shorter people it just fits the geometry better. They don't advertise it well, but their 650c bikes are amazing for us short people!

http://www.feltbicycles.com/...Woman/ZW-Series.aspx
the Petite sizes have 650c wheels

Their 650c Tri bikes are also awesome!

Terry bicycles, but they only use steel on their higher end models now so it's almost as expensive as going custom.