The Steam Tank's huge metal mass is enough to scramble and block most magical energies. However, less subtle spells, those that deal physical attacks to their target, have a chance of inflicting damage to it.
No spells or magic items which attack or otherwise target the Steam Tank, friend's or enemy's, have any effect against it, except those that cause hits with a known Strength (all magic missiles and a few others such as the Comet of Casandora). These spells are treated as normal shooting, with the ones hitting from above automatically hitting Soft. Spells that deliver a hit with a known Strength and have a secondary effect as well (such as the Pit of Shades) work partially on the Tank. Apply only the hits caused and disregard the secondary effects.