The young forward's availability sparked interest from Milton Keynes Lightning, Fife Flyers, Edinburgh Capitals and Dundee Stars.
But his former coach Paul Thompson believes he is going home to north America.
Ramsay, a 24 year old Canadian, "was upset" when the news was broken to him.
Thompson said: "I just felt that he wasn't going to break into the team - that he was just going to be a spare.
"That wasn't going to be fair on a young man and I thought it was right for him and us to make that adjustment.
"He was upset and it is a shame, because he is a super, super guy and I'm not just saying that."
There were also logistical and financial challenges to be overcome, with accommodation needed for the new import Finnish defenceman Miika Franssila.
Thompson now hopes that Zack Fitzgerald will return soon - after encouraging signs of injury recovery - and that his 14-strong import group will be stable.
But he says "you never know" if further recruitment will take place - especially if he finds somebody available that can improve chances of silverware.
Steelers, who should have GB young guns Liam Kirk and Cole Shudra available for Friday's game at Braehead Clan, will give a debut to Franssila.
"He practiced today and saw that he is a player who is quick to go up with the play and moves the puck well.
"We will get a more rounded view of what he can do in Scotland."