It sure will, as a matter of fact, they even make a putty that works just like Quiksteel
http://bluemagicusa.com/index.php/bl..._blister_pack/ that sets up in 5 minutes and won't run everywhere when you apply it
http://www.jbweld.com/product/j-b-steelstik/ . It has repaired more than a few broken clutch covers (XR650R magnesium cover, yz125) / engine cases (klx110, cr250, yz125) on my trail rides and never needed further attention.