Steam saves only one password in Clientregistry.blob, I have never been able to use multiple accounts and I have just retried now using even 3 different local windows accounts with the same effect:
- the reminded password is lost when the other windows account use the same Steam one
- the same windows account can remind the password of only one of the Steam accounts
anyway steampwd searchs ever the presence of multiple Phrase fields which is the field where is contained the encrypted password although that's totally useless because Steam doesn't support multiple accounts.
when you start Steam are the passwords ever correctly remembered for each account?
then are you talking about two users from different local windows accounts or from the same one (you)?
on the Steam support page there are references about using multiple accounts (which is correct) but not about reminding the passwords of multiple accounts:
https://support.steampowered.com/kb_art ... onemachine