No this is right, New steel recipe, and Cheaper steel options both turned on should be 1 iron plate and 10 oxygen.
The list is a bit long, but with just new steel, it's 5 iron and 50 oxygen to make 2 steel plates, and with just cheaper steel it's 2 iron to make 1 steel plate.
If you play on Expensive mode, rather than normal, all the costs are different again. cheaper steel is 4 iron, new steel is 5 and 50 for 1 plate, and new cheaper steel is 2 iron and 12.5 oxygen.
