Both sides have entered into a new partnership taking them into 2023 - which should produce better facilities, including ice quality.
The deal replaces previous short contracts and the parties says such a long term commitment will allow both "to build and grow the partnership."
A club spokesman said: "This is fantastic news on so many fronts for both the Steelers and SIV and will enable both parties to make investments to improve their business on a longer term footing and ultimately improve the game day experience both on and off the ice.
"In practical terms this partnership will mean :
*Improved dialogue and priority on fixtures and ice availability at both the Arena and iceSheffield;
*A commitment to improve the quality of the ice and address the issue of the aging ice plant within this new partnership term
*A joining of forces commercially in terms of hospitality and suites, the creation of a new merchandise store and Steelers fan specific food and drink initiatives
*Working together to market and promote the team
*The development of more community initiatives such as 'Skate with the Steelers' at iceSheffield and looking to bring major international hockey events to the city by building on the work started on the recent Continental Cup bid."
Dominic Stokes, responsible for events and entertainment at SIV, said “This marks the start of a new energy and enthusiasm by both parties to a relationship that has existed for the past 27 years.”
Steelers' owner Tony Smith said “We are delighted to conclude the negotiations with Dom and his team and look forward to working alongside him in providing the best hockey entertainment on the ice and the best facilities off it for both the players and our fans.
“In the past contracts have been short between both parties and maybe that has been down to the fragile ownership that came before my family took control seven years ago.
"We are now the longest ownership group in the club’s history and coming with that long-term stability that we have bought is the confidence that the Arena and SIV have in us to deliver.
“In recent months we have already seen so much co-operation between both sides. This will continue and improve. The Arena is our home, it has been for 27 years and will continue to be for the foreseeable future.
“Dom has mentioned, SIV will invest in a new ice plant something that is needed if we are to continue to improve the product we put out throughout the season.
“As owners, we have never been afraid to invest in the Steelers whether that be in the team or on items such as the Video Tron that supporters enjoy so much and that has become such a big part of our match night.
“In the weeks and months ahead more great plans that we have will come to fruition and the supporters of our team and customers of the arena will see the benefits in this contract and the joint collaboration between both sides.
“This is a good deal for the Steelers, a good deal for the Arena and SIV but most of all a good deal for those who come and support us in this great building.”