The process of steady-state wedge cutting through steel plates is investigated by analyzing experimental data and developing a simple and realistic model of the problem. Kinematics of the cutting process is discussed and three characteristic deformation zones are identified: (i) plastic zone at wedge tip, (ii) transient bent flap, and (iii) transition zone. Deformation energies are calculated for each zone, and the upper bound theorem in plasticity is applied to derive a closed-form solution for the cutting force. Frictional effects were considered including machining friction near the wedge tip and sliding friction between the transient flap and the wedge surface. Prediction of the steady-state cutting model is compared with experiments conducted at Cambridge University, MIT, and Det norske Veritas. Good correlation with the test data is reported. A parametric study is performed and on that basis a simple approximate solution is developed. An interesting association was discovered with previous empirical formulas proposed by Minorsky, Vaughan, and Kuroiwa.