Are all test steps defined in SoapUi carried over to LoadUI?

I think because if you have the data source loop, it means that each time the SOAPUI test is run via Load UI it will trigger the SOAPUI test which will run and (if you have data source loop) cycle through all 200 in your list before passing control back to loadUI for the next trigger of the SOAPUI test to happen again. What you would in effect be doing is timing SOAPUI cycling through 200 usernames and passwords, and that would constitute 1 LOADUI request.