What? No. You need 2 charcoal for the steel and then like 32 more to fuel one crucible. That comes out to 17 boards altogether. Where did you get 300 from?
1 tick in the crucible is 40 minutes, so it's not 12 ticks for one hour.
There were a few calculations floating around on how much fuel is needed for steel exactly... right at the top of this page in the frequently asked questions thread for example (charcoal, branches and blocks): viewtopic.php?f=2&t=22391&start=2240
Steel runs off different length ticks from all other "burners" All the info on the times and fuel needed are outlined in the post of mine Silvertron linked.
"Quality of steel will not be higher than quality of wrought iron, no matter what quality charcoal, fuel and crucible is used. Although it is possible that the quality may be lowered by them if wrought iron is of higher quality - verification needed. "
Quote from the wiki, when it says fuel. Does it mean the two pieces of charcoal placed into the crucible?
Because... do people really use hundreds of pieces of good Q charcoal to fuel their crucibles for a couple bits of good steel?
As far as I can tell it means either/both. I've made steel with same q wrought and charcoal, fueled with lower q blocks, and got lower q steel. I'd also guess most people use nice q blocks as fuel to make their nice q steel, not charcoal, which isn't so tough really, given how common q100+ trees (and thus sale of q100+ tree seeds) are by now.