No that machine won't cut aluminium or steel very well at all no matter what spindle it's got on it. . . It's a light duty school machine used for plastics and wood.

The problem comes form machines design and lack of strength.? Cutting even aluminium requires a very strong machine and steel takes it to another level.

The cost for good drives not these cheap Chinese all-in-one will be around £40-45 each axis then £15-20 for a breakout board. You can probably get it all the lot for approx £150 on Ebay with a bit of looking.
New steppers would make these machines much better and they will be around £25 each.

Again with bit of savy shopping you may get all lot for £200-220.?