I've never heard of a 1934 steel penny but a friend sent me this pic and asked if that's what this 1934 penny is. It's probably just toning right..? Against the other it's looks a funny color
If it is steel it would be ferromagnetic and would be attracted to a magnet.. Tell your friend to see if it sticks to a magnet. Probably not. As stated.. It looks like Environmental Damage.
Enviro damage, as mentioned. You'll no doubt find it doesn't stick to a magnet like a steel cent would. It doesn't even look like a steel cent in the photo. Not even a rusty one.
Make that JUMPS to a magnet. A nickel plating will make it STICK to a magnet, but it won't jump to it and it will fall off easily.