The former New England Patriot agreed to a two-year contract with the Steelers on Friday.
According to sources, it's worth up to $4 million and includes a $950,000 signing bonus and has a $150,000 incentive clause if he rushes for 800 yards next season.
The Ravens maintained interest in Blount throughout the free agent process, but they didn't submit a formal contract proposal and didn't have him visit team headquarters, according to sources.
Blount, 27, also had interest from the Patriots, but sources say they didn't approach the financial commitment of the Steelers.
Now, Blount and starter Le'Veon Bell are expected to be a formidable running tandem with the Steelers.
The Ravens had difficulty tackling Blount during a 41-7 loss to the Patriots in December. Blount rushed for 76 yards and two touchdowns on 16 carries.
The 6-foot, 250-pounder player has a hard-nosed, old-school running style.
He rushed for 772 yards and scored seven touchdowns last season for New England. The former Oregon standout gained 189 of those yards in the regular-season finale against the Buffalo Bills.
During a playoff win over the Indianapolis Colts, Blount rushed for 166 yards and four touchdowns.
In four NFL seasons, Blount has rushed for 2,711 yards and 20 touchdowns and has averaged 4.7 yards per carry.
As a rookie with the Tampa Bay Buccaneers, he rushed for 1,007 yards and six touchdowns.