Aha - it's
industrialisation we're worried about, rather than
technology. After all, a chipped flint hand axe is technology, and not all that easy to do, either. Almost all fantasy is set in periods where metal smelting at least exists. (and, being fantasy, rarely specifies whether it involves bellows or conjoured air spirits to aerate the forge fire) Similarlylarge numbers of stories involving magic have been set in almost all historical and geographical locations, from late stone age up to (and even slightly beyond) present day, including Victorian England. However, the magic, curse, paranormal being, whatever, is generally a minor player in a universe structured essentially like ours. The developement of "industrial strength" magic int a high tech environment, or the differences in development of technology in a society where magic works haven't been tackled sufficently often to generate a "sub-genre" (probably because any such tale would be too "Sci-fi" for the dedicated fantasy readers, and the magic would turn off the hard core sci-fi geeks, leaving only the tolerant few who enjoy both)
I'd never heard of "steam punk" either, but I've never being a fan of sub-genres (figuring that any original book will start a new sub genre [since its originality precludes its inclusion in any existing set] so only derivative books can be subclassified) and frequently prefer crossover to the pure form.
So, yes, if it's got magic in it I would call it "fantasy" even if it's got steam trains and Babbage engines (or jet planes and computers, for that matter)