Economic incentives for preserving biodiverse semi-natural pastures with calves from dairy cows

•Steers on semi-natural pastures are generally less profitable than indoor bulls.•Large steer herds grazing large pastures can compete economically with bulls.•Preservation of semi-natural pastures requires agri-environmental payments.•In the short run, existing buildings improve profitability.•Profits of grazing steers can be improved by decreasing labour and winter-feed costs.