From Middle English steep, from Old English stēap (“high”), from Proto-Germanic *staupaz. Compare Old Frisian stāp, Dutch stoop (“grand; proud”), Middle High German stouf (“towering cliff, precipice”), Middle High German stief (“steep”)), from Proto-Indo-European *(s)tewb- (“to push, stick”). The Proto-Indo-European root (and related) has many and varied descendants, including English stub; compare also Scots stap (“to strike, to forcibly insert”).
The sense of “sharp slope” is attested circa 1200; the sense “expensive” is attested US 1856.
- Of a near-vertical gradient; of a slope, surface, curve, etc. that proceeds upward at an angle near vertical.
- a steep hill or mountain; a steep roof; a steep ascent; a steep barometric gradient
- (informal) expensive
- Twenty quid for a shave? That's a bit steep.
- (obsolete) Difficult to access; not easy reached; lofty; elevated; high.
- (Can we find and add a quotation of Chapman to this entry?)
- (of the rake of a ship's mast, or a car's windshield) resulting in a mast or windshield angle that strongly diverges from the perpendicular
- The steep rake of the windshield enhances the fast lines of the exterior. 
- (dialectal) brant
steep (plural steeps)
- The steep side of a mountain etc.; a slope or acclivity.
- Benjamin Disraeli
- It ended precipitously in a dark and narrow ravine, formed on the other side by an opposite mountain, the lofty steep of which was crested by a city gently rising on a gradual slope.
- Benjamin Disraeli
From Middle English stepen, from Old Norse steypa (“to make stoop, cast down, pour out, cast (metal)”), from Proto-Germanic *staupijaną (“to tumble, make tumble, plunge”), from Proto-Indo-European *(s)tewb- (“to push, hit”). Cognate with Danish støbe (“cast (metal)”), Norwegian støpe, støype, Swedish stöpa (“to found, cast (metal)”), Old English stūpian (“to stoop, bend the back, slope”). More at stoop.
- (transitive, middle) To soak or wet thoroughly.
- They steep skins in a tanning solution to create leather.
- The tea is steeping.
- In refreshing dew to steep / The little, trembling flowers.
- (intransitive, figuratively) To imbue with something; to be deeply immersed in.
- a town steeped in history
- The learned of the nation were steeped in Latin.
- 1989, Black 47, Big Fellah:
- We fought against each other, two brothers steeped in blood / But I never doubted that your heart was broken in the flood / And though we had to shoot you down in golden Béal na mBláth / I always knew that Ireland lost her greatest son of all.