The Steam package is now available in the RPMFusion repositories. It is currently in the updates-testing repository, but it can be installed anyway directly if you have the RPMFusion repositories enabled.
The package is currently 32 bit only, but it can be installed easily also on a 64 bit system. In fact, I’m currently running nearly 70 games on my 64 bit system. For details on the package, look at my now-obsolete Steam repository page.
To perform the installation today, make sure to have both RPMFusion free and non free repositories enabled and perform the following command as root:
yum -y --enablerepo=rpmfusion-nonfree-updates-testing install steam
The Steam package has some profiles enabled to avoid using the Ubuntu Steam Runtime, which produces graphical artifacts and sound issues when run in Fedora. To avoid any problems, please log out and login again or reboot the system prior to using Steam for the first time!
Steam games require the S3 Texture compression library for running on Open Source drivers, and the package already takes care of installing it for you.