Can cast albums legitimately be called soundtracks? NO! But...soundtracks can legitimately be called "cast albums" since they feature the movie casts of the show.
If one is unsure which term to use it is always the lesser evil to use "cast album."
I saw STEEL PIER (along with other Best Musical nominees in June 1997) and compared with TITANIC. THE LIFE, it had sparkle the others all lacked. Can't fairly comment on JUAN DARIAN: A CARNIVAL MASS as it was long gone by the time of the Tony Awards.
I did not find STEEL PIER dull at all. The major flaw was the time the book wasted trying to build up the secondary characters (the other marathon dancers.) I enjoyed the way David Thompson reworked the standard ghost story format to work in this show. Some argued that it was revealed too early (in the first scene in fact) that he was a ghost but some audiences still didn't get it and were puzzled by his ability to "rewind" time at the climax of Act One.
For the record the reviews for STEEL PIER were far better than the other shows that opened that spring:
STEEL PIER 5 Favorable reviews, 6 Negatives and 8 mixed. (Of the mixed reviews 2 were leaning negative, 2 on the fence, 2 leaning positive)
TITANIC: 1 favorable review, 9 negatives, 5 mixed (all the mixed reviews were leaning negative)
THE LIFE: 4 favorable reviews, 7 negatives and 6 mixed (2 leaning positive, 2 on the fence and 2 leaning negative)
JEKYLL & HYDE also opened the same week - it was not nominated as Best Musical - to 4 Favorable notices, 6 negatives and 4 mixed leaning negative.
With STEEL PIER even critics who did not like the show praised the score. STEEL PIER led the pack with Tony nominations (10 in all) but failed to win any category, and was being touted to win as it was considered Kander and Ebb's year with the revival of CHICAGO having opened a few months earlier. (CHICAGO had to vacate the Richard Rodgers Theatre to make way for PIER and moved to the Shubert.)
After the awards business fell at STEEL PIER (and picked up dramatically at TITANIC) and the producers decided to close the show rather than risk a summer run. One of the lead producers was also a producer of THE LIFE and explained to Variety at the time that with two of the performers having won Tony Awards for THE LIFE it made more sense to concentrate promotional efforts on that show rather than split between two struggling musicals. THE LIFE ultimately ran a year but still closed with a loss. TITANIC also closed with a loss, as did the long running JEKYLL AND HYDE.
Someone above commented that the orchestrations were wrong in STEEL PIER. Not really: The era of "Big Band/Swing" really came along later in the 1930s - around 1937. The sound of the early 30's was more of smaller "hotel orchestras" and much of STEEL PIER's score captures that flavor. (The show is set in 1933.) Best example: "The Last Girl/Dance with me"
I think RCA Victor did an outstanding job capturing the essence of the show on CD, with dialogue segments and sound effects used judiciously.
Cast albums are NOT "soundtracks."
Live theatre does not use a "soundtrack." If it did, it wouldn't be live theatre!
I host a weekly one-hour radio program featuring cast album selections as well as songs by cabaret, jazz and theatre artists. The program, FRONT ROW CENTRE is heard Sundays 9 to 10 am and also Saturdays from 8 to 9 am (eastern times) on www.proudfm.com