Make a new document, 600 x 300px or bigger. Use the text tool to write the text you want. Make the text as big as possible.Load the selection from the text layer and make a new layer. Use the gradient tool and fill the selection with a white to black gradient from top to bottom.Make a new layer with the selection still loaded. Fill the selection with the same gradient, but this time from black to white.
Nudge the layer 2px to the left and 2px up.

Add some noise to the layer with the following settings:

With the selection still loaded, motionblur the layer by 999px. (filter-blur-motionblur) Adjust the curves accordingly to the image below. (image-adjust-curves).

Apply a fresco filter to it (filter-artistic-fresco)with these settings:
Brush size: 0
Brush detail: 7
Texture: 1
It should now look something like this:

The image probably has some jaggies now, so we shall try to remove them. Firstly merge the two top layers together and name it STEELTEXT. Delete the original text layer, it is of no further use. Load the selection from the steel text and go to the channels palette. Make a new channel and contract the selection by one px. Invert the selection and delete. Deselect and guassian blur by 0.5px. Load the channels selection and go back to the steel text layer. Invert the selection and delete.