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Steel Reinforced planks reduces damage to your ship by 40% so if a Seadog would have done 10 damage they will now only do 6 damage to you.

There is a more affordable version of this item called Reinforced Planks.

Note: Steel Reinforced planks does not give you more HP, it just reduces the damage you take. You will not see your HP increase, you will just take less damage.

Tools | Fishing RodSpyglass
Weapons | Cannon
Basic Upgrades | Attack Speed UpgradeDistance UpgradeDamage UpgradeShip Speed Upgrade
Ship Upgrades | Air PeglegNitro PegReinforced PlanksSteel Reinforced PlanksAdvanced Toolkit
Cannon Upgrades | Steel BarrelTitanium BarrelSinker's GlovesBlue Gunpowder
Hybrid Upgrades | BruiserDrifterDemolisher
Other | Fountain of Youth