Yes, as mark says, there are detectors that can differentiate lead from steel. I mean, that's what discrimination was invented for 40+ yrs. ago afterall
Maybe your real question is, is there a machine that will never get fooled by steel ? No. But it depends on your ears. Because certain pieces of big enough cast-iron (old stove parts, etc...) can fool you into thinking conductive. But with a little learning, you can tell most of the larger cr*p that's trying to bleed through. But the bigger the iron/steel item is, the more likely it'll false up into the conductive ranges. Also steel O-rings tend to give a positive, even though steel/iron.
Excal 1000, Excal II, Sovereign GT, CZ-20, Tiger Shark, Tejon, GTI 1500, Surfmaster Pulse, CZ6a, DFX, AT PRO, Fisher 1235, Surf PI Pro, 1280-X, many more because I enjoy learning them. New Garrett Ca