Reward
Step 1 Sail to Dragon Land
Captain Rey in Mortha (or any other captain of the new continent) sails to Dragon Land for 220 gold - say 'bring me to dragon land' (premium only). Timral at the dock takes you back.
Step 2 Down into the dragon lair
About 25 squares west of the dock go down the ramp at 31356,32364 to floor 8. Continue down the ramps at 31326,32379 (floor 8) and 31344,32404 (floor 9) to floor 10.
Step 3 The chest
The steel boots lie in the chest at 31340,32378 (floor 10), from level 60. The lair belongs to dragon lords, dragon kings and several Demodras - go there in a strong team. The ladder under the first ramp (31356,32364, floor 8) leads back to the surface.