The LA Times also says that the logo originally belonged to The American Iron and Steel Institute. According to its website, The Institute was founded in 1908 after a large amount of growth in the industry.
After being called The Pittsburgh Pirates for some time, Art Rooney changed the name to Steelers because it was the most suggested during a contest he ran, according to The Sun. The current name honors the "steel mill heritage" of the area.
The colors of the logo: blue, orange, and yellow, also have their own meanings. According to The American Iron and Steel Institute, "Steel lightens your work, brightens your leisure, and widens your world," and the colors represent those ideas.
In addition to that, they each represent the materials used to make steel. Blue is for blue scrap, yellow is for coal, and orange is iron ore. However, the Steelers use a red hypocycloid instead of an orange one, so they kind of made it their own.