This study was performed to investigate the effects of different forms of concentrate fed to Hanwoo steers on performance, carcass characteristics, and economic performance. Forty-two Hanwoo steers (average age of $5.1{pm}0.8mo$. with body weight of $147.05{pm}10.85kg$) were randomly allotted into FC (animals fed flakes for entire experimental period) and GC (animals fed grounded concentrate during growing and fattening phases followed by flaked concentrate during finishing phase) groups for 758 d after reaching an age of $30.0{pm}0.82mo$. There was no difference in body weight (BW) or ADG between the treatments until fattening (15 ~ 22 mo.) phase. However, by finishing phase (23 ~ 30 mo.), the GC group (739.24 kg BW and 0.67 kg ADG) showed greater (P < 0.05) BW and ADG than the FC group (702.93 kg BW and 0.59 kg ADG). Steers in the GC group also showed greater (P < 0.05) BW and ADG than the FC group throughout the entire experimental period (5 ~ 30 mo.). There was no significant difference in carcass weight or backfat thickness between the treatments. M. Longissimus dorsi area of the GC group ($91.00cm^2$) was greater (P < 0.05) than that of the FC group ($83.59cm^2$). Marbling score and percentage of $1^{{+}{+}}$ meat quality grade were 14.0 and 48.0% higher in the GC group compared to the FC group. There was no significant difference in physicochemical characteristics, including moisture and crude protein levels, between the treatments. Gross income per head excluding operating expenses was 59.3% greater in the GC group (1,647,512 won) compared to the FC group (1,034,343 won).