Ultrasonic testing is utilized to ensure weld quality during the fabrication of steel bridges by identifying discontinuities that are classified as either acceptable or rejectable. The classification of a discontinuity can be affected by differences in the acoustic properties of the material under test and the reference standard used for calibration. Differences in wave velocity affect the refracted angle and amplitude of refracted shear waves. As a result, indications can be missed or incorrectly classified, or incorrectly located in the material. The objective of this research study was to characterize the acoustic wave velocities in a sample of contemporary steels to better understand the range over which velocities may vary for common steels. To address this objective, a series of velocity measurements have been conducted for shear waves propagating through different directions in steel plates of different strengths and reported manufacturing processes. The study also examines the loss of signal amplitude that results from changes in the refracted angle of shear waves used for the inspection of welds. Beam splitting that may occur in anisotropic materials and the potential impact on signal amplitudes is also presented. It was shown in the research that relatively small differences in velocity between the material under test and the reference standard cause a loss of sensitivity of the test. Data presented in the paper documents wave velocity and anisotropic ratios for a population of contemporary bridge steels used for the fabrication of steel bridges and an assessment of how velocity differences affect the amplitude of reflected shear waves.