Absolutely. A common perception is that if a waterborne coating is applied to clean steel, the result will be rust. Although steel will rust in the presence of water, oxygen and electrolyte (salt), waterborne acrylic industrial coatings designed for coating metal are formulated to inhibit the rusting of the steel surface while the paint is drying.
On the other hand, waterborne paints not designed for coating steel, such as exterior house paints, can lead to rusting known as flash rust. However, industrial waterborne acrylics have been used successfully on steel and other metal surfaces for 40 years in both field and factory settings.