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Transferring of data currently doesn't cost anybody any money whatsoever. The only cost for Valve would be to maintain their servers regularly. Of course server storage cost should also be factored it. Considering how much money is spend on steam, I figure they wouldn't even care if you downloaded 5 petabytes from them. Your ISP might whine though
However, it's not a "set" cost, rather, they pay for how much bandwidth they can transfer at once. If you were downloading that 1TB of Steam Games at 1MByte/sec, and the server you're downloading from has a 100MByte/second pipe (800Mbit), then you'd be using 1% of the capacity of the pipe for 1 million seconds (about 11.5 days).
If 200 people were downloading at that rate, then they'd have to increase the size of the pipe, or everyone would have slower downloads.
This ^^^^. Did you see John Oliver's bit on it?