Steam only updates official patches.The last one is 1.05.However there are several betas and a couple of RCs.These must be downloaded and installed manually.
There is a beta (1.08 ) an RC1(1.09) and an RC2(1.10).
You can install on top of a 1.05 version.If you want the latest you do not need the previous betas.
Last edited by Troll2k; 10-13-2012 at 10:33 PM.
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