He had been slowed by the back injury during training camp since joining the Dolphins.
Steinbach is a former second-round draft pick by the Cincinnati Bengals.
He was signed to a seven-year, $49.5 million contract by the Cleveland Browns in 2007 and was named a Pro Bowl alternate that season.
He was cut by Cleveland on March 14.
Follow me on Twitter: @RavensInsider
For more coverage of the NFL, go to profootball.scout.com.