The 21-year-old is yet to play a senior game since being recruited to the club with pick 31 in the 2010 NAB AFL Draft.
Although drafted as a forward, Steinberg has spent most of the VFL season in defence.
Bombers' general manager football operations, Rob Kerr, said Steinberg deserved his elevation to the senior list.
"Ariel has shown an ability over the last few seasons to play at both ends of the ground, taking on an important role as a key defender throughout the 2014 season."
Steinberg replaces Nick Kommer, who is on the club's long term injury list.
