Steen, 36, spent the past 12 seasons in St. Louis, amassing 496 points through 765 games with the Blues. The four-time 20-goal-scorer began his career with the Toronto Maple Leafs, spending four seasons with the blue and white.
According to a team release, Steen has "multiple levels of degenerative herniated discs of his lumbar spine."
The Winnipeg native moves on from the NHL with 1,018 career games and 622 career points.
"This has been an emotional process," Steen said via a release. "But as I look back on my years in hockey, I would like to thank our organization, our city, our fans and my teammates as I am so proud of all the teams I was part of."