Julie Taymor is directing the project for June Pictures, reported Variety.
Sarah Ruhl is adapting Steinem's memoir for the big screen.
Steinem, who became a leading spokeswoman for the feminist movement in the 1960s and 1970s, will serve as the executive producer on the project along with Amy Richards.
June Pictures' Andrew Duncan and Alex Saks are producing with Taymor and Lynn Hendee.
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