I have one. They are strong in compression (things stacked on top) but the sides can be dented.
I don't know how cheap they are in your area but I got a second hand pre-fab concrete storm shelter that you can also use as a root celler very, very reasonable. Then no worries about the rotted metal container collapsing- or God help you slowly suffocating under the weight of all that dirt if you are in it when it caves.
In my opinion the metal container would be fine for awhile but over time it would start rotting from the outside no matter how good a job you do with the tar; then you just have a rusted collapsed tin can in the ground. Kinda like an old t-post you can push over. Good luck.
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