All shot can ricochet. This is most likely to occur off rocks or other hard surfaces and, to a lesser extent, water and trees.
There is evidence that steel ricochets slightly more than lead, but this is in a more predictable path . The fact remains that an unsafe shot with lead is an unsafe shot with steel.
 – Ricochet & Bounce Back Studies Using Steel & Lead Shot: Dr DF Allsop, Defence Academy of the United Kingdom, Cranfield University (2009).