This is absolutely correct but in today's market, steel is mostly sold as very heavy entry level bikes or as very high level and expensive hand made custom frames. There are exceptions such as the various Surlys, Trek's 520 and a few other mid-level specialty and touring bikes but, as far as the majority is concerned, steel mostly occupies both extremes.

Aluminum can also be sold as very low quality bikes (see any Walmart bike display) or as high quality bikes but generally occupies the mid-level in price and quality these days. For the big manufacturers (Trek, Specialized, Cannondale, etc.) their top tier bikes are all carbon fiber and their mid-level ones are aluminum with steel being a rarity.