Yeah. I was shooting some this morning at our local range. They're quite easy to hang and a lot of fun, done properly. We've got 12X12 steel squares hung at 100, 200, and 300 yards. The square steel is hung beside our target holders so that you can either post a paper target, or shoot the steel, or both.
It's best to use steel rated at AR500 hardness and when hanging the targets, angle them so that ricochets go down into the dirt. It's also helpful to have the target swing or move to absorb some of the momentum of a bullet strike.
Go to this link and get some ideas.
When making your own, be very careful of shooting distances and possible ricochet or bullet splash.