Jack White, known for his authentic creative approach, formed The Raconteurs with Brendan Benson after hearing an early draft of "Steady As She Goes." The song served as the inspiration White needed to commit to a band project they had been discussing for some time. White's willingness to pursue new musical directions when genuinely inspired demonstrates his philosophy of creating art based on genuine passion rather than commercial trends.

Benson originally presented an instrumental version that had a reggae-influenced sound, to which White added lyrics. Though the final recording differs from this initial version, the song became one of White's most recognisable tracks and is notable for its introspective content about relationships and settling down—a departure from White's typical songwriting style. The track's success stems partly from its exploration of White's personal life, including references to his marriages, though he has traditionally avoided such autobiographical songwriting in his other work.