https://bugs.winehq.org/show_bug.cgi?id=38588
--- Comment #4 from Olivier F. R. Dierick o.dierick@piezo-forte.be --- The issue is also present in a fresh 32-bit Wine I just made.
How do I install Steam:
Make a fresh wine prefix with winecfg. Set dlloverrides for gameoverlayrenderer and dwrite, both to disable. Install corefonts with winetricks. Make directory Program Files/Steam and copy Steam.exe from a previous Wine installation to it (using Program Files (x86)/Steam when installing into a 64-bit prefix). Run wine Steam.exe -no-dwrite from the Steam directory. Steam updates and start.
This bug is probably a duplicate of bug 38493, because the issue is resolved by patching Wine with the same patch.