twelve pounds of Steel is more because it's density is less than Lead.
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Since the steel weighs 1 lb (16 ounces) and the lead weighs 15 ounces, the steel is heavier.
lead density is 0.41 pounds/cubic inch 1.68 x 0.41 = 0.688 pounds
1 cubic inch of lead has a weight of approx 13.11 pounds weight.
244.5 (rounded)
Because pounds measure weight. A pound of feathers would be a whole lot bigger than a pound of lead.