Yes, once you withdrawal your STEEM and place it on your exchange account you can convert that STEEM to BTC and then to the currency of your choice.
Be sure to jot down any dollars you make as there may be tax laws that concern cryptocurrencies where you reside. If you end up making a lot of money you definitely don't want the tax man taking them from you. Or, you can always move to a country that doesn't tax cryptocurrencies.
Everyone needs to know this now before making huge profits, please cover your asses people!
Can't see me making that much lol I haven't had the courage to cashout as yet as the process still baffles me.
If you need help cashing in your dollars you can search for tutorials, there are a lot of them floating around. Good luck :)