Insulin-like growth factor-I (IGF-I) concentration measured in the blood plasma of 6520 seedstock Angus beef cattle (3622 bulls and 2898 heifers) from eastern Australia between 2002 and 2004 was used to estimate the heritability of IGF-I and phenotypic and genetic correlations with net feed intake (NFI) and other production traits. The average concentration of IGF-I was 314 ng/mL measured at the average age of 242 days. A moderate heritability of 0.35 was estimated for IGF-I. IGF-I was further defined as being measured either at, or prior to, weaning (average age of 201 days) or post-weaning (average age 310 days). The genetic correlation between IGF-I recorded at the different ages was 1.0 ± 0.04. IGF-I and NFI were found to have a genetic correlation of 0.41 ± 0.21. IGF-I had positive genetic correlations of 0.22 ± 0.14, 0.19 ± 0.14, and 0.26 ± 0.15 with ultrasound-scanned subcutaneous fat depth at the rump (P8) and 12/13th rib (RIB) sites and intramuscular fat % (IMF), respectively. Corresponding phenotypic correlations were 0.14, 0.13, and 0.12, respectively, for P8, RIB, and IMF. IGF-I had low to moderate negative genetic correlations with growth traits. Direct genetic correlations for IGF-I of –0.22 ± 0.08, –0.17 ± 0.09 and –0.10 ± 0.14 were estimated with birth (BWT), 200-day (WT200), and 400-day (WT400) weights, respectively. Genetic correlations between the direct component of IGF-I and maternal components of BWT and WT200 were 0.15 ± 0.13 and 0.31 ± 0.11, respectively. Phenotypic correlations of the direct component of IGF-I with the direct components of BWT, WT200, and WT400 were –0.10, 0.06, and 0.16, respectively. Ultrasound-scanned eye muscle area (EMA) and IGF-I had genetic and phenotypic correlations of –0.22 ± 0.15 and 0.13, respectively. This study showed that IGF-I is heritable and genetically correlated with important production traits. The genetic correlations indicate that selection for lower IGF-I concentrations would result in cattle that have lower NFI (i.e. more feed efficient), are leaner, with increased growth, and possibly decreased maternal weaning weight.