Steelers secured their first home win of the season - but they twice went behind and had to grab both points in overtime.
Jordan Owens scored the winner in the extra session.
And while it was not a brilliant performance from a team that is still gelling, it's their second successive league win.
Steelers - without injured Robert Dowd who is out for four weeks - were buzzing with energy and pace in the first period. But they didn't have nous or focus, near goal, and their domination failed to unearth a goal.
They had three power plays but quality shots on Shane Owen in goal were few and far between.
Josh Pitt, a hat-trick hero last weekend, dominated on the special team and Tanner Eberle wad dynamic and single-minded in getting the puck into danger areas.
Fife, who came seventh in a 12-team table last season, were expert forecheckers though and it was only an instinctive save from Jackson Whistle halted Evan Stoflet prevented the Scots from getting on the scoreboard.
Defenceman Mark Matheson nudged Sheffield ahead after the break, arriving just behind the first line to rifle high into the net. Steelers had some penalty killing to do then, Stefan Della Rovere giving a passable imitation of Brent Bobyck of yesteryear.
But Todd Dutiaume's men forced their way back with an equaliser from Ricards Birzins - a goal disputed by most of the Arena fans. Then the visitors took a 2-1 lead after a fast turn and shot from Chase Schaber on the power play - an unexpected reward given the balance of the game and the fact they'd been outshot two-to-one.
Blue-liner Matheson showed the forwards the way with his second, a blast from long range fpr 2-2 at 44;30.
But Sheffield were their own worst enemies. A Ryan Rupert blunder gifted a chance for Danick Gauthier before Steelers' first line were outworked and Rick Pinkston gave Flyers a lead again.
With six minutes to go, things were looking bleak before Josh Pitt levelled to set up a grandstandfinish.
Fife penned Steelers in their own zone as the 60 minutes ran out.
But in overtime Owens despatched the winning effort.