Yes. In a 3 Ring groove piston, the 1st and 2nd grooves are for compression rings, the 3rd groove however is for the oil control rings, but please be aware that the oil control rings are not to prevent oil from getting into the chamber, their only sole purpose is to lubricate the Cylinder Liner as it splashes Oil while going up and down. The only rings that prevent Oil from getting into the Chamber are the 2 Compression Rings, making them a dual purpose application. Create adequate compression as well as prevent Oil.
1st compression ring on most modern applications is indeed made of steel while the 2nd is often made of Cast Iron, however in older engines both the rings were made of cast iron. Steel was given preference over cast (especially for the 1st groove) rings only because of the stress they had to incur considering the rapid combustion stress occurring in the chamber that in turn led them to overheat severely. On a 2 stroke engine both the Piston rings are often made of only steel, that too with Nitride or Chromium Coatings, why? Only because on a 2 stroke engine combustion occurs twice in a 4 stroke cycle compared to once on a 4 stroke application which in result heats up the entire Piston assembly 2x more compared to a 4 stroke piston.
Edit: To further elaborate, Oil rings can be in different forms on different piston applications. In one Oil ring groove there can be a Oil Ring that consists of 2 thin Oil control rings and between them is the scraper. On another piston application there can be 2 Oil Rings, in between them the scraper and behind them the helpers. On another piston application there can be just one big oil ring, it is basically the same as the previous 2, only difference being is that all the thin rings and the scraper are welded together making it into a single oil ring