Steel or aluminium rings ?

Hard to say, just my gut feeling, it's a LX550, by the general design and the used plastic cap.
Rings should be aluminum.
 
It's hard to tell from the pics, but I'm not sure they are Shimano. Something about the decals is nagging at me. It could be a mix of metals, sometimes some were alloy, others steel. I'd expect signs of rust ion the exposed teeth if the outer was steel, but could be wrong about everything.
 
That Biopace sticker looks quite low-end to me. If it had a bit of blue on it I think you'd have alu rings. I suspect you have steel rings based on the sticker as I bought a chainset about 6 months back just for the black (but steel) rings and pretty sure the Biopace sticker was the same as this one.

As @bikeworkshop said, a magnet never lies...
 
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