First the kicker muffs the kick, the ball travels less than ten yards (like 6 inches in this case). Ball is live and in play. Kicking team cannot touch the ball after the kick unless it travels ten yards. Kicker kicks the a second time. This causes two penalties, one for an illegal touch and one for an illegal kick. The ball travels down field and is recovered by the Steelers and is down by contact with a Ravens player. Play over.

The illegal kick penalty is ten yards from the end of the play and the illegal touch penalty is from the spot of the foul. The receiving team (Ravens) get to decide which of these, or neither, to accept. Accepting the illegal kick penalty after the ten yards is granted results in the loss of about twenty yards of field position from the spot of the illegal touch in this case. The Ravens decline the illegal kick and accept the illegal touch thus granting them the best field position.

If the Ravens had recovered the kick and returned the ball past the point of the illegal touch but didn't score a touchdown on the return they would have accepted the illegal kick penalty because that penalty is enforced from the end of the play. They would have gained 10+ yards from the end of the return, wherever that return ended. Since there was no return and the play ended in Ravens territory, they accepted the illegal touch, which is assessed from the point of the touch.

Alternatively, if the Ravens recovered the kick and returned it for a touchdown they would have declined both penalties.