A few quick facts:
Thermal conductivity of aluminum : 237 W/m-K
Thermal conductivity of mild (carbon) steel: 45 W/m-K
Don't confuse thermal conductivity (i.e. how the material conducts heat) with melting temperature of a material (when you're welding a material you're basically doing that, melting it).
So aluminum conducts heat about 5 times better then steel.
However: thermal conductivity refers to how the heat moves in conductive heat transfer (material to material or within a material type movement of heat)
BUT heat exchange by convection (i.e. moving air) can be described as:
Q=hA(T1-T2) where Q is the heat transfer, h is the thermal coefficient (not the same as thermal conductivity) A is the area being cooler and T1 and T2 the difference in temperature between the air and the material surface.
The thermal heat transfer coefficient in convection heat transfer is basically a function of the fluid used for cooler (air) and the speed of that fluid.
But the heat is coming from the internal components, such a hard drives, graphics cards, chips on the mobo, etc.
So for the heat to get to the case material (the "hotly" debated subject here) it first has to pass through the surrounding air and then to the metal of the case (though yes, some of the componenents are darn close to the metal casing and touch at some points).
But really, what is much more important in keeping your case cool is the air flow moving. (and obviously what temperature that air is coming into the case to begin with). using a fan to blow through the case (forced convection) is much more efficient then just letting the heat dissipate through holes in the case and letting it create it's own draft (natural convection).
This heat in the (moving) air will then heat up the case material which in turn conducts it from the inside of the case to the outside (which the aluminum does much better then mild steel) and then the outside of the case cools through natural convection with the ambient air.
So yes, an aluminum case does a better job, but only marginally since air is really a pretty bad conductor of heat. You have to keep it moving, and that's what does the bulk of the cooling.
Hope this helps.
Overal conclusion: steel is heavier then aluminum
Sorry for hijacking the thread......