Crossbred beef steers with a high percentage of Angus ancestry [n = 240, initial shrunk bodyweight (BW), 404 ± 18.5 kg] were used in a 117-d feedlot experiment to evaluate the effect of hybrid rye (KWS Cereals USA, LLC, Champaign, IL; Rye) as a replacement for dry-rolled corn (DRC) on growth performance, carcass traits, and comparative net energy (NE) value in diets fed to finishing steers. Rye from a single hybrid (KWS Bono) with an ergot alkaloid concentration of 392 ppb was processed with a roller mill to a processing index (PI) of 78.8 ± 2.29. Four treatments were used in a completely randomized design (n = 6 pens/treatment, 10 steers/pen) where DRC (PI = 86.9 ± 4.19) was replaced by varying proportions of rye [DRC:Rye, DM Basis (60:0), (40:20), (20:40), and (0:60)]. Liver abscess scores and carcass characteristics were collected at the abattoir. Carcass-adjusted performance was calculated from HCW/0.625. Performance-adjusted NE was calculated using carcass-adjusted ADG, DMI, and mean equivalent shrunk BW with the comparative NE values for rye calculated using the replacement technique. Data were analyzed using the GLIMMIX procedure of SAS 9.4 (SAS Inst. Inc., Cary, NC) with pen as the experimental unit. Treatment effects were tested using linear and quadratic contrasts as well as between diets with and without Rye. Replacing DRC with Rye linearly decreased (P ≤ 0.01) carcass-adjusted final BW, ADG, DMI, and G:F. Feeding rye linearly decreased HCW and LM area (P ≤ 0.04). Distributions of liver scores and USDA grades for quality and yield were unaffected by treatment (P ≥ 0.09). Estimated replacement NEm and NEg values for rye when included at 60% of diet DM were 1.90 and 1.25 Mcal/kg, respectively. Rye can be a suitable feed ingredient in finishing diets for feedlot steers. Estimated replacement values of Rye when fed at 60% of diet DM closely agreed with current tabular standards, but when included at 20% of diet DM estimated NEm and NEg values of Rye were increased 9.5 and 12.8%, respectively. Net energy value of hybrid rye for gain is approximately 84% compared to DRC, thus, complete replacement of DRC with rye depressed DMI, ADG, G:F, and carcass weight.