Steensby Inlet is a waterway

Waterway

A waterway is any navigable body of water. Waterways can include rivers, lakes, seas, oceans, and canals. In order for a waterway to be navigable, it must meet several criteria:...

 in Nunavut

Nunavut

Nunavut is the largest and newest federal territory of Canada; it was separated officially from the Northwest Territories on April 1, 1999, via the Nunavut Act and the Nunavut Land Claims Agreement Act, though the actual boundaries had been established in 1993...

's Qikiqtaaluk Region. It extends northerly from Foxe Basin

Foxe Basin

Not to be confused with Fox Bay, Falkland IslandsFoxe Basin is a shallow oceanic basin north of Hudson Bay, in Nunavut, Canada, located between Baffin Island and the Melville Peninsula...

 into central Baffin Island

Baffin Island

Baffin Island in the Canadian territory of Nunavut is the largest island in the Canadian Arctic Archipelago, the largest island in Canada and the fifth largest island in the world. Its area is and its population is about 11,000...

. There are several un-named islands within the inlet, and Koch Island

Koch Island

Koch Island is one of the Canadian Arctic islands in Qikiqtaaluk Region, Nunavut, Canada. Located in Foxe Basin, it is an uninhabited Baffin Island offshore island. Located at 69°38'N 78°20'W, it has an area of ....

 lies outside of it. The Steensby Inlet Ice Stream arose after the deglaciation of Foxe Basin.

It is named in honor of Hans Peder Steensby, ethnographer and professor of geography at the University of Copenhagen

University of Copenhagen

The University of Copenhagen is the oldest and largest university and research institution in Denmark. Founded in 1479, it has more than 37,000 students, the majority of whom are female , and more than 7,000 employees. The university has several campuses located in and around Copenhagen, with the...

.

Mining

Baffinland Iron Mines Corporation is drilling for iron ore in the area.
Iron ore was first found in the Mary River area in 1962.
The Baffinland Iron Mines Corporation has plans to build a 149 km (92.6 mi) railroad line connecting the inlet to a mine-site in the Mary River area. According to the Railway Gazette this would be the most northerly railroad line in the world.