MYTH. Although not all types of steroids cause hair loss, many do. Some steroids may hasten the process of hair loss especially if a person is genetically prone to have male pattern baldness. An example are anabolic steroids used in bodybuilding. Continued or prolonged use of these steroids may accelerate the hair loss process due to potent chemicals and hormones that they contain.
Sources:
•https://www.evolutionary.org/steroids-cause-hair-loss