Only if you can prove it via testing. Otherwise, use a system that is prescriptively approved by the code (UL, GA-600, IBC Table 721.1(2), or the calculated method). However, the calculated method for wood frame construction is limited to 1-hour assemblies. Two layers of 5/8-inch Type X gypsum board will generally provide the 2-hour fire resistance.
UL Assembly U360 would probably work if the steel columns did not interrupt the center membrane--they are great thermal conductors, which is not great when it comes to fire resistance.
If width is a problem, then GA-600 File Numbers WP4135 or WP 4136, which are nearly identical, can be used with studs at 16 inches o.c. The studs can be increased in depth (2x6s or 2x8s) per General Explanatory Note #18 in GA-600.