This means putting something in a liquid for some time. It helps the flavor come out or makes the thing soft.
I steep the tea leaves for five minutes.
She steeped the cloth in warm water.
This means something costs a lot of money. It is often more than expected or more than people want to pay.
The tickets were very steep to buy.
The cost of the meal was steep.
This means something is very difficult or hard. It is used to show that a situation needs a lot of effort or is intense.
They faced a steep challenge ahead.
The learning curve was very steep.
