Steel bikes and most other bikes can always be fixed. Just depends on what it's worth to you. Frequently repairs like that will be much more than I'd be willing to pay.
I just scrapped a steel frame yesterday and don't have any remorse about it at all. Though it served me well once, I didn't have that much invested in it either. I took it to the scrap yard with 920 pounds of other steel I had taking up space and got a few bucks for my troubles. And I know it'll be made into something else instead of sitting in a land fill for what currently is said to be eternity.