Give this a try:
Get-ChildItem "C:\Users\gerhardl\Documents\My Received Files" -Filter *.log |
Foreach-Object {
$content = Get-Content $_.FullName
#filter and save content to the original file
$content | Where-Object {$_ -match 'step[49]'} | Set-Content $_.FullName
#filter and save content to a new file
$content | Where-Object {$_ -match 'step[49]'} | Set-Content ($_.BaseName + '_out.log')
}