The only advice I have is to check how high the concrete goes. You may find yourself exposing more than just concrete at the back of the steps.
I would run a chalk line along the path you want to cut, then us a drill to make pilot holes in the siding to be sure there is concrete behind it all the way up. If there is, then go ahead and pull out the skill saw. If not, you may need to adjust either your slope or your height.
After making the cut, I would be very tempted to trim the bottom of the siding with something weatherproof just to be safe. Maybe some siding channel or similar. Not really sure what I would use, so little advice there except to protect the edge of the wood somehow.