At the geometry level, IGES represents curves, trimmed surfaces, wireframes and some solid representations. STEP represents precise solids, surfaces, assemblies and product structure. A flattened surface can be dependable when the receiver only needs final triangles, but it is a destructive handoff when someone still needs editable solids, object hierarchy, animation, vertex attributes or manufacturing metadata. Once those semantics are discarded, converting the file back does not reconstruct the original design intent.
A safer production workflow keeps the richest editable source as the master and creates a separate delivery copy for a named destination. After export, inspect units, bounding-box dimensions, up axis, normals, watertightness, object count and material references in the receiving application. The main IGES caution is that it surface stitching and assembly semantics are weaker than STEP. The main STEP caution is that it must be tessellated before mesh-only printing or real-time use. These are workflow constraints, not minor technical trivia.
The practical verdict is to choose IGES when the job centers on recovering or exchanging older surface-based CAD data, and choose STEP when it centers on editable mechanical CAD exchange and downstream manufacturing. For 3D printing, the slicer's actual import is the final authority. Confirm millimeter dimensions, orientation and mesh integrity before generating toolpaths, even when the preview initially looks correct.