With each Steiner triple system there is associated a one-parameter family of commutative, nonassociative, nonunital algebras that are by construction exact, meaning that the trace of every multiplication operator vanishes, and these algebras are shown to be Killing metrized, meaning the Killing type trace-form is nondegenerate and invariant (Frobenius), and simple, except for certain parameter values. The definition of these algebras resembles that of the Matsuo algebra of the Steiner triple system, but they are different. For a Hall triple system, the associated algebra is a primitive axial algebra for a Z / 2 Z -graded fusion law. [ABSTRACT FROM AUTHOR]