The advantage of LVLs are that
- you can put them up 1 ply at a time
- they hold nails/cut easily
- the lumber yard will likely size them for you if you ask
The disadvantage is that the depth will be about 1/16th of the span when using 2-3 plies.
The advantage of steel is that an I beam (W shape is what you want, for "Wide Flange Beam") will be about 2/3 the depth of an LVL. The disadvantages are
- An engineer will likely charge you about $600-800 to size this beam, but will also tell you how to top connect it
- It will be one piece (fwiw it will weigh about the same as the LVL)
- You will have to buy a 40' piece, or pay a premium to have it cut down from a 40' piece. (stock lengths of steel are 20'/40')
Note that nobody can properly answer your question from the data given (edit - just notice you mentioned 16' rafters below). You would need to include the span of the rafters and (at least) your location to determine the snow loads and wind loads (edit: and seismic, though it's unlikely to control for this design) for sizing the connections.
Disclaimer: I'm a structural engineer, but I'm not your structural engineer. For a long span like this I recommend contacting someone licensed in your jurisdiction to help you out.