What are the benefits of steel tube road race bike frames to carbon or aluminium?

Although the above answer is correct in saying steel can be very stiff, steel framed bikes tend to be less stiff and 'buzzy' than aluminium frames. Carbon can be built to provide various properties and strengths - Cannondale Scalpel has bending chainstays instead of a pivot for example. Steel bikes done well are very highly rated, and the companies making them don't tend to be trend followers so you know you're getting the product of experience and skill, and frame makers like Cinelli have a lot of heritage too in steel frames, which cyclists still want.
 
In a nutshell.....

Steel gives a comfy ride but usually heavier than Aluminium or Carbon
Good for long distance, easy to repair.

Aluminium is lighter than steel but a harsher ride (you feel the bumps more) Also cheaper! (Aluminium framed bikes often have a Carbon or steel fork to offset the harsh ride)

Carbon is more expensive and can be the lighter of the three but depending on how the frame is formed, it may be a harsh ride or smooth (although usually, not as comfy or strong, as steel)

I generally ride a full carbon Cervelo R3 - Although the Cervelo S2 (Aluminium) is faster, due to its Aerodynamics !!!

In terms of durability then it's:- Steel; Aluminium; Carbon. in that order.

On a flat surface such as a track, then weight is not a issue, emphasis is on aerodynamics and power transfer.

Could go on for ages about this, but I kept it simple !

Hope this helps?
 
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