In 1997, he founded STI Ventures NV, a venture capital firm that invests in start-up companies in Israel. In 1999, he was the owner of Tucows. BSGR and another investment firm, IMR, also control Cunico. A now-defunct company, of which he was a founder and shareholder, Nikanor plc, listed in London, was acquired by Katanga Mining in 2008. With his company called Scorpio, he owns real estate in Kazakhstan, Russia, and Eastern Europe.
In 2007, Steinmetz and his wife Agnes founded the Agnes and Beny Steinmetz Foundation in order to unify their multiple volunteer activities under the auspices of one philanthropic organization. The Foundation is primarily engaged in financing projects in the fields of education, Health care, and culture for young children.
In December 2008, a three-year exploration permit for Simandou Blocks 1 & 2, in the Republic of Guinea, was awarded to BSGR Guinea, after the government of Guinea, under its then President, General Lansana Conté, ordered that it be relinquished by its previous holder, the British-Australian multinational mining company Rio Tinto Group.
As of March 2011, he was the second richest person in Israel, before Sammy Ofer died in June 2011. According to Forbes in June 2014, Steinmetz is the sixth richest Israeli in the world with a net worth of $3.5 billion.
In September 2014 BSGR started an international arbitration proceeding against the Republic of Guinea in the International Centre for Settlement of Investment Disputes, challenging the government's decision to revoke its mining rights.
In November 2015, Rio Tinto's RICO lawsuit against BSGR was dismissed, with U.S. District Judge Richard Berman ruling that Rio exceeded the statute of limitations when filing their claim against BSGR in 2014 and that the company failed to identify a pattern of racketeering activity by the defendants.
At the end of 2016, the Foundation held a festive event to celebrate a decade of giving. Attendants included representatives of the many organizations the Foundation had supported over the years by contributing a cumulative amount of tens of millions of shekels.
On 14 August 2017, Steinmetz—along with David Granot, Tal Zilberstein, Doron Levy, and Asher Avidan—was arrested as part of a joint investigation by Israeli and Swiss anti-corruption officials over "allegations of largescale fraud, breach of trust, bribery, obstruction of justice and false registration of corporate documents" with the apparent purpose of money laundering.
The U.S. Justice Department and the FBI have been investigating BSGR's acquisition of the rights to extract half of the iron ore deposits at Simandou, Guinea, due to concerns about corruption and bribery. BSGR denied these allegations and in an interview to the New Yorker, Steinmetz said: “We are the victims. We have done only good things for Guinea, and what we’re getting is spit in the face."