Steel beams can cost $6-$18 per foot for materials
or approximately $100 to $400 per foot installed. These prices do not include extra labor or engineering for surprises or knocking down walls, reinforcing floor joists, or rerouting utilities. For comparison:
Steel beams are considerably less expensive than wood, ranging from $5 to $90 per foot. Laminated veneer lumber (LVL) costs $3 to $12 per foot or $50 to $100 per foot installed, a little cheaper than steel beams.
Concrete beams are $7 to $16 per foot for materials, with additional soundproofing possible. The bottom line:
Steel beams are not the most expensive nor the cheapest option. However, they provide all the benefits listed and a few extras, including more headroom in basements, the ability to support enormous loads, span long distances, and hold up over time!