We managed how to install Steam, using the package "deb" converting it with alien, and modify some lines of the program and now works fine. It is worth mentioning that it is preferable to have proprietary drivers for the best performance sadly. Available now via PostInstallerF , very simple.
This is a beta version...
32 bits
Code:
su
cd /tmp/
yum -y localinstall http://sourceforge.net/projects/postinstaller/files/data/alien-8.85-2.noarch.rpm
Code:
yum -y install libtxc_dxtn openal-soft libpng10 libpng12 xterm SDL alsa-lib cairo dbus-libs freetype joystick gdk-pixbuf2 glib2 gtk2 libX11 libXext libXfixes libXi libXrandr libXrender libcurl libgcc libgcrypt libjpeg-turbo libogg libstdc++ libtheora libvorbis firefox nspr nss pango pixman pulseaudio-libs
Code:
wget -c http://sourceforge.net/projects/postinstaller/files/scripts/steam
wget -c http://media.steampowered.com/client/installer/steam.deb
alien --to-rpm steam.deb
yum -y install steam*.rpm
cp -f /usr/bin/steam /usr/bin/steam.bak
rm -f /usr/bin/steam
mv -f /tmp/steam /usr/bin/
chmod a+x /usr/bin/steam

UPDATE
64bits
Thanks @steelaworkn
Code:
yum -y install --skip-broken arts.i686 audiofile.i686 bzip2-libs.i686 cairo.i686 compiz.i686 cyrus-sasl-lib.i686 dbus-libs.i686 directfb.i686 esound-libs.i686 fltk.i686 freeglut.i686 gtk2.i686 hal-libs.i686 imlib.i686 lcms-libs.i686 lesstif.i686 libacl.i686 libao.i686 libattr.i686 libcap.i686 libdrm.i686 libexif.i686 libgnomecanvas.i686 libICE.i686 libieee1284.i686 libsigc++20.i686 libSM.i686 libtool-ltdl.i686 libusb.i686 libwmf.i686 libwmf-lite.i686 libX11.i686 libXau.i686 libXaw.i686 libXcomposite.i686 libXdamage.i686 libXdmcp.i686 libXext.i686 libXfixes.i686 libxkbfile.i686 libxml2.i686 libXmu.i686 libXp.i686 libXpm.i686 libXScrnSaver.i686 libxslt.i686 libXt.i686 libXtst.i686 libXv.i686 libXxf86vm.i686 lzo.i686 mesa-libGL.i686 mesa-libGLU.i686 nas-libs.i686 nss_ldap.i686 cdk.i686 openldap.i686 pam.i686 popt.i686 pulseaudio-libs.i686 sane-backends-libs-gphoto2.i686 sane-backends-libs.i686 SDL.i686 svgalib.i686 unixODBC.i686 zlib.i686 compat-expat1.i686 compat-libstdc++-33.i686 openal-soft.i686 alsa-oss-libs.i686 redhat-lsb.i686 alsa-plugins-pulseaudio.i686 alsa-plugins-oss.i686 alsa-lib.i686 nspluginwrapper.i686 libXv.i686 libXScrnSaver.i686 qt.i686 qt-x11.i686 pulseaudio-libs.i686 pulseaudio-libs-glib2.i686 alsa-plugins-pulseaudio.i686 libtxc_dxtn.i686
Code:
yum -y localinstall http://sourceforge.net/projects/postinstaller/files/data/alien-8.85-2.noarch.rpm
Code:
yum -y install libtxc_dxtn openal-soft libpng10 libpng12 xterm SDL alsa-lib cairo dbus-libs freetype joystick gdk-pixbuf2 glib2 gtk2 libX11 libXext libXfixes libXi libXrandr libXrender libcurl libgcc libgcrypt libjpeg-turbo libogg libstdc++ libtheora libvorbis firefox nspr nss pango pixman pulseaudio-libs
Code:
wget -c http://sourceforge.net/projects/postinstaller/files/scripts/steam
wget -c http://media.steampowered.com/client/installer/steam.deb
alien --to-rpm steam.deb
yum -y install steam*.rpm
cp -f /usr/bin/steam /usr/bin/steam.bak
rm -f /usr/bin/steam
mv -f /tmp/steam /usr/bin/
chmod a+x /usr/bin/steam

There a new unofficial repository, only compatible with Fedora 16 & 17, and also works.
Fedora 17
Code:
wget -c -P/etc/yum.repos.d/ http://download.opensuse.org/repositories/games/Fedora_17/games.repo
yum -y install steam
Fedora 16
Code:
wget -c -P/etc/yum.repos.d/ http://download.opensuse.org/repositories/games/Fedora_16/games.repo
yum -y install steam
Enjoy!!