UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the fiscal year ended February 29, 2004

Commission file number 1-13873

STEELCASE INC. RETIREMENT PLAN

Steelcase Inc.

Reference is hereby made to the Financial Statements attached hereto, which begin on page 3.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Steelcase Inc. Retirement Plan

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Report of Independent Registered Public Accounting Firm

Plan Administrator of Steelcase Inc.
     Retirement Plan
Grand Rapids, Michigan

We have audited the accompanying statements of net assets available for benefits of Steelcase Inc. Retirement Plan (formerly Steelcase Inc. Employees’ Profit-Sharing Retirement Plan) (the Plan) as of February 29, 2004 and February 28, 2003, and the related statement of changes in net assets available for benefits for the year ended February 29, 2004. These financial statements are the responsibility of the plan administrator. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, referred to above, present fairly, in all material respects, the net assets available for benefits of the Plan as of February 29, 2004 and February 28, 2003, and changes in net assets available for benefits for the year ended February 29, 2004, in conformity with accounting principles generally accepted in the United States of America.

Our audits of the Plan’s financial statements were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of and for the year ended February 29, 2004 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental information is the responsibility of the plan administrator. The supplemental information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ BDO SEIDMAN, LLP
Grand Rapids, Michigan
July 25, 2004

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Steelcase Inc. Retirement Plan

Statements of Net Assets Available for Benefits

See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan

Statement of Changes in Net Assets Available for Benefits

See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Effective the close of business on February 28, 2003, the Steelcase Inc. 401(k) Retirement Plan and the Steelcase Inc. Employees’ Money Purchase Plan merged into the Steelcase Inc. Employees’ Profit-Sharing Retirement Plan. The name then changed to the Steelcase Inc. Retirement Plan (Plan). The following description of the Plan provides only general information. Participants should refer to the Plan agreement or Summary Plan Description for a more complete description of the Plan’s provisions.

The Plan is a defined contribution plan where participants have accounts in at least one of three account categories: 1) 401(k); 2) Profit-Sharing; and 3) Nondiscretionary. It covers primarily all employees of the North America business unit of Steelcase Inc. (Company) and certain other affiliates, divisions and locations of the Company that participate in the Plan and provides for benefits upon termination of employment, death or disability. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions

     401(k) - Participants may elect to defer to the Plan, on a pre-tax basis, specified maximum amounts of eligible compensation as defined in the Plan. Participants may also elect to contribute an amount equal to pre-tax elective deferrals, as selected by the participant, under BenefitSystems, a cafeteria plan established and maintained by the Company. Additionally, participants may contribute amounts representing distributions from other qualified plans.

     Certain participating affiliates, divisions and locations may make matching contributions at their discretion on behalf of their participants, at the level and under the conditions determined by them each year.

     Profit-Sharing - Contributions are made at the discretion of the Company. For the fiscal 2004 plan year, profit-sharing

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

contributions were made at some locations.

     Nondiscretionary - Company contributions are required to be 5% of the eligible compensation of participants at select locations annually.

Participant Accounts

Participants may direct all or part of their account to be invested in various investment options offered by the Plan. Earnings, net gains and losses, and administrative expenses are allocated daily to the accounts of participants based on the number of units of each individual investment in the participants’ accounts.

     401(k) - Pre-tax elective deferral contributions are allocated to the participants’ accounts on a weekly, bi-weekly or monthly basis. Matching contributions are allocated as soon as administratively feasible. Transfers between investment funds can be made on a daily basis.

     Profit-Sharing - Profit-sharing contributions are allocated to the accounts of participants based on the ratio that the eligible compensation of each participant at the location making the contribution bears to the total eligible compensation of all participants at that location. Transfers between investment funds can be made once per calendar quarter.

     Participants at select locations who have been employed by the Company for at least three years may also elect to purchase life insurance from profit-sharing contributions allocated to their account, subject to certain limitations.

     Nondiscretionary - Nondiscretionary contributions are allocated to the accounts of the eligible participants on behalf of whom those contributions are made. Transfers between investment funds can be made once per calendar quarter.

Vesting

     401(k) - Pre-tax elective deferral and matching contributions to 401(k) accounts vest immediately.

     Profit-Sharing and Nondiscretionary - A participant’s profit-sharing and nondiscretionary vested percentage is determined as follows:

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Payment of Benefits

Upon termination of service, a participant may elect to receive either a lump-sum distribution equal to the value of the participant’s account, regular installments (not less frequent than annual), a partial distribution, an annuity purchased equal to the value of the participant’s account or a transfer into another qualified retirement plan or IRA. Limited in-service distributions are also available for participants who experience a hardship, as defined in the Plan, or reach age 59 ½.

Forfeitures

Forfeitures apply to profit-sharing and nondiscretionary accounts. Primarily, forfeited amounts are applied to reduce subsequent Company contributions. At February 29, 2004 and February 28, 2003, forfeited nonvested accounts totaled $1,575,158 and $2,584,147, respectively.

Participant Loans

Participant loans apply only to 401(k) (including matching), profit-sharing, rollover and post-tax (if any) accounts. Participants may, with the consent of the plan administrator,

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

borrow up to 50% of their vested account balance or $15,000 ($50,000 for loans made prior to September 1, 2000 under the Steelcase Inc. Group Retirement Plan), whichever is less. The loans are secured by the balance in the participant’s account and bear interest at 5.00% - 10.50%. The loans are repaid ratably through payroll deductions over a period of four and one-half years or less. Loans made prior to September 1, 2000 under the Steelcase Inc. Group Retirement Plan must be repaid in five years or less, except that a loan used to purchase the principal residence of the participant may be repaid over a longer term. Interest earned on participant loans is allocated to the respective investment funds in accordance with participant elections for current contributions.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets and changes therein. Actual results could differ from those estimates.

Concentrations of Risk

The Plan utilizes various investment instruments which are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

Investment Valuation

Investments in mutual funds, common/collective trust funds,

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

money market funds, government securities, corporate bonds and common stock are stated at fair value based on quoted market prices. The CIGNA Charted Guaranteed Long-Term Account is stated at contract value, which approximates fair value. Contract value represents contributions made under the contract, plus interest at the contract rate, less any withdrawals. Participant loans are stated at cost, which approximates fair value.

Administrative Expenses

Certain administrative expenses of the Plan are paid by the Plan, as allowed. Administrative expenses totaled $1,483,987 for the year ended February 29, 2004.

Payment of Benefits

Benefits are recorded when paid.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

* Less than 5%

During the fiscal 2004 plan year, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in fair value as follows:

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Revenue Service as to its continuing tax qualified status and is now awaiting approval. Although the Plan has been amended since receiving the original determination letter, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

EIN: 38-0819050
Plan Number: 001

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 29, 2004

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 29, 2004

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 29, 2004

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 29, 2004

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 29, 2004

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EXHIBIT INDEX

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