Being the son of a prominent official, Steingrímur enjoyed a relatively care-free upbringing in a country stricken by the Great Depression.

As a young boy he had an exceptional proximity to Iceland's World War II politics, overhearing state affairs being discussed in his father's living room.

[2] After returning to his native country and experiencing troubles both in his private life and business career, he eventually entered politics in the 1960s.

[3] Internationally, his greatest moment as Prime Minister came in 1986, when he hosted the Reykjavík Summit of Soviet General Secretary Mikhail Gorbachev and US President Ronald Reagan.

Although not considered a success at the time, the summit paved the way for the ending of the Cold War, and the Icelandic government's management of the event was widely commended.

In 1991, during the January Events in Lithuania, Steingrímur expressed strong support for Vytautas Landsbergis, Chairman of Lithuanian Parliament.

He was however a founding member of Heimssýn, an organization opposed to Iceland's entry of the European Union, and became increasingly critical of the Progressive Party's policies.