Steel left after split with Jenny (7)

I believe the answer is:

cutlass

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'steel' is the definition.
(I've seen this before)

'left after split with jenny' is the wordplay.
'left' becomes 'l' (common abbreviation).
'after' is a charade indicator (letters next to each other).
'split with' becomes 'cut' ('cut' can be a synonym of 'split'. I am not sure about the 'with' bit.**).
'jenny' becomes 'ass' (jenny is a female ass).
'l' put after 'cut' is 'cutl'.
'cutl'+'ass'='CUTLASS'

Can you help me to learn more?

(Other definitions for cutlass that I've seen before include "Type of sword" , "Sharp weapon" , "Sword formerly used by sailors" , "Short broad sword" , "Curved, one-edged sword" .)

I've seen this clue in The Telegraph.

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