Could chainsaw cut through steel?

It is not the material the teeth are made of that is the problem. Tool steel, High Speed Steel, and Tungsten Carbide are used to make cutting tools for both wood and metals, including steel.

It is the angles of the cutting edge, and the speed at which they operate that must be changed, not the material. Operating a tool in steel at wood cutting speeds will dull the cutting edges almost instantly.

The drive sprocket on a chainsaw is probably already near the practical minimum size (11 teeth or so) so there is no simple way to adapt one to cutting steel.