Cutting steel wire requires a hardened tool with a relatively blunt, durable edge. Diagonal cutters are the proper tool:
The manufacturer of the pictured tool describes their intended use:
Diagonal Cutters cut ACSR [aluminum conductor steel reinforced], screws, nails and most hardened wire
Many pliers have a cutting section near the hinge for this purpose, for example these long nose pliers:
Look around your toolbox, it's likely you already have such a tool.
Bypass cutters, those that have two blades that pass by each other like scissors, are not designed to cut steel, though with a high quality tool and thin wire you might abuse them for that purpose. For example, Klein Tools makes these cutters which are not reccomended:
Notice the manufacturer says these cut copper and aluminum, which are substantially softer than steel:
Cable cutter cuts 4/0 aluminum, 2/0 soft copper, 100-pair 24 AWG communications cable
And if you look carefully at the tool, it says "NOT FOR STEEL" near the hinge.
The problem is the sharp blade is relatively thin compared to diagonal cutters, and so it will become nicked or bent with use until the blades no longer slide smoothly against each other. A quality tool will be hardened enough to tolerate this abuse for a little while. Cheap bypass cutters will be damaged on first use, if they manage to cut your wire at all.