1985: two-year-old season

Flash of Steel made no impact in his first two races, finishing unplaced in maiden races over six and seven furlongs respectively at the Curragh. He was dropped back to six furlongs for a maiden at Naas Racecourse in September, started odds-on favourite, and won by three quarters of a length from Wolf Call after taking the lead in the closing stages. He returned before the end of the month in a minor race over seven furlongs at Down Royal and won in more impressive style. On this occasion he was restrained by his jockey in the early stages, overcame some trouble obtaining a clear run and beat Halo's Sword by one and a half lengths despite being eased down in the closing stages. The colt was moved up in class and distance for his final race of the year, the Group Two Beresford Stakes over one mile at the Curragh. The unbeaten British challenger Robbama started favourite ahead of the Vincent O'Brien-trained Obligato while the other five runners included Hungry Giant (runner-up to Woodman in the Futurity Stakes) and the Michael Stoute-trained Eve's Error. Ridden by Mick Kinane Flash of Steel looked outpaced i the early stages as Dancing Zeta set the pace but began to make progress on the outside in the straight. Despite hanging to the right he took the lead inside the final furlong and drew away to win by two and a half lengths from Eve's Error.^[6]

1986: three-year-old season

Flash of Steel began his second season in the Tetrarch Stakes over seven furlongs on soft ground at the Curragh in April. Ridden by Kinane he won by three quarters of a length from Equator, to whom he was conceding nine pounds in weight. The 1986 edition of the Irish 2000 Guineas, run on heavy ground at the Curragh on 17 May drew an unusually small field of six, with three Irish-trained colts being matched against three British challengers. The British appeared to have a clear advantage as the Dick Hern-trained Sharrood started favourite ahead of Huntingdale and Green Desert whilst Flash of Steel was the 9/2 fourth choice in the betting alongside Fioravanti. The only other runner was Mr John who had finished fourth in the Tetrarch Stakes. Sharrood set a steady pace with Kinane positioning Flash of Steel towards the rear of the closely grouped field. In the last quarter mile most of the runners began to struggle in the testing conditions but Flash of Steel stayed on strongly, took the lead a furlong out and won by three quarters of a length from Mr John. As in the Beresford Stakes he hung to the right in the closing stages, slightly hampering the runner-up but there was no stewards' inquiry and the result stood.^[3]

ON 4 June Flash of Steel was stepped up in distance and started a 25/1 outsider for the 1986 Epsom Derby over one and a half miles. He never looked likely to win but stayed on well in the straight to finish sixth, four lengths behind the winner Shahrastani. He faced Shahrastani again in the Irish Derby at the Curragh on 28 June but after reaching third place in the straight he faded to finish seventh of the eleven runners.^[3]