In general, cantilevered steel beams are a nightmare. If part of the steel beam is in contact with exterior temperatures, then it's best if the interior portion of the steel beam is covered on all sides with insulation. This is generally impossible (because the interior portion of the cantilevered beam generally supports a load, meaning that you can't wrap the steel beam in insulation on all sides).
SPF, a spray-applied cellular plastic, is made by mixing chemicals to create foam. Those chemicals react very quickly, expanding on contact to create foam that insulates, air seals and provides a moisture barrier. When properly installed, SPF forms a continuous barrier on walls, around corners and on contoured surfaces. It resists heat transfer very well and is an effective solution for reducing unwanted air infiltration through cracks, seams, and joints.
I've seen this only once, and it was with closed cell foam, but I've heard of it happening with open cell foam, too. I don't know the details, but I've heard it could result from a bad batch of chemicals, improper mixing, or too high a temperature. Whatever the cause, it's not a good thing. The photo below shows how the spray foam pulled away from the studs. A little bit of uninsulated area like that adds up to a lot of heat loss/gain when the whole house has that problem, as it did here.
The United States has adapted to using sprayfoam insulation and a new technology called Wall Injection to retrofit existing wall construction by drilling small holes between wall studs in the structures framing and filling the void with a less aggressive expanding water based foam. This allows existing home and business owners to conserve energy by creating a thermal envelope in their existing structure.