A study of two-phase composite pellets obtained from powders of stainless steel and of a bismuth cuprate superconductor (Bi2-xPbxSr2Ca2Cu3O10-x) has been carried out, using scanning electron microscopy, magnetic field expulsion analyses and elastic modulus measurements. Each composite sample is defined by its initial volume fraction, its sintering temperature and sintering duration. The magnetic responses of the composites are determined from levitation experiments. The Young modulus E and the elastic limit R-c are measured from compression experiments. A correlation between the scanning electron images, the levitation forces F-lev and the elastic properties is established. When the volume fraction of steel or the sintering temperature increase, the Young modulus E and the elastic limit R-c both decrease. When the sintering duration increases, the elastic properties are improved. The role of pores and of the liquid phase formed during the sintering process is discussed.