When I was actively fighting, I built my own shields. After extensive research I settled on cloth covered and rimmed Heater (Knight shaped shield) shields. I built a press and laminated wood 3/8s of an inch thick. A layer of cloth on each side was glued on and seven layers of the same cloth was glued around the rim. (1.5 inch with)
This was as close as I could come to some of the examples found in museums in Europe. Typical weights were two to five pounds, this is a shield that covers me chin to groin and shoulder to shoulder with a five inch deep recurve built in.
As to resisting steel weapons, we took old shields (normally after two or three seasons) and would mount them on a Pell so they would move when hit. Then we brought out all our toys, grin. Slashes, chops, thrusts and the strongest strokes we could manage were showered on the shield. My strongest stroke, using a nine pound uber sword, normally capable of sinking a one and a half inch deep dent in a 16gauge helm, would cut about an inch into the top of the shield. The shield would remain functional for about two hours of deliberate abuse.
Arrows, Pile point penetrated, but stuck after about a sixth of the arrow had passed through the shield. The force of the arrow was not enough to stick in to the Pell, It would not be much fun if the arrow hit the arm supporting the shield though. Broad tips would punch about an inch into the wood.
Just my experience,
Kevin
(AKA Thorgierr KSCA)