Sweed was waived after he was hurt during a May 2 minicamp practice. He was placed on the reserve/injury list after clearing waivers.
Sweed, a second-round draft pick from Texas in 2008, missed the final two games of last season for personal reasons. He finished the season with one catch.
To replace Sweed, the Steelers signed wide receiver Isaiah Williams, who signed with Baltimore as an undrafted rookie last year but was cut before the season began.