Carcass value is a complex relationship with varying contributions between eating quality (MSA Index) and lean cut yield (LCY%). Bone-out data from 112 Bos taurus steer carcasses, grain finished for 100 days with a hormonal growth promotant were analyzed. Carcass values were calculated using 1) flat cut prices, 2) cut prices weighted for MSA grades, and 3) cut prices weighted for MSA grades for four high value primals. To extend the range in eating quality, analyses were re-run assuming no HGP implants. When all cuts were valued according to eating quality grade, the impact of the MSA Index and LCY% varied in their importance in determining carcass value. However, if only four high value cuts were harvested, carcass value was largely a function of LCY%. The importance of eating quality and carcass yield in determining carcass value was dependent upon the type of cattle, the cuts being harvested and the grade premiums/discounts realized.